According to HODL15Capital's monitoring, since the launch of the US Bitcoin spot ETF, over 1.1 million BTC have been transferred to "strong(er) hand" this year, including 9 new ETFs and MicroStrategy. In addition, Grayscale GBTC/BTC has sold a total of 373787 BTC, the German government has sold 50 thousand BTC, and mining output is at 209683 BTC.