A departure from the decentralized ideal? Is Bitcoin becoming a “banker's currency”?

Bloomberg ETF Senior Analyst Eric Balchunas X @EricBalchunas tweeted that U.S. Bitcoin spot ETFs have 921,540 bitcoin holdings, second only to founder Satoshi Nakamoto (who holds 1.1 million bitcoins), and that the combined holdings of these organizations are 84 percent of Satoshi's holdings. These organizations together hold 84 percent of Satoshi Nakamoto's holdings, with Grayscale alone holding 357,771 Bitcoins.

The top five bitcoin holders are

￥Satoshi Nakamoto

Bitcoin holders have switched from retail investors to U.S. institutions?

What do the bulls think?

On the one hand, institutions may be able to underwrite the price of bitcoin and not let the coin fall too far in times of dramatic volatility;

On the other hand, institutional sweeps, pickups, and shipments have a much bigger impact on the price.