According to HODL15 Capital's monitoring, since the launch of the Bitcoin spot ETF in the United States, there have been over 1.1 million BTC transferred to 'strong(er) hands' this year, including 9 new ETFs and MicroStrategy. In addition, Grayscale's GBTC/BTC has sold a total of 373,787 BTC, the German government sold 50,000 BTC, and mining output was 209,683 BTC.