CryptoQuant CEO Ki Young Ju said in a post on the X platform that institutional demand for bitcoin custody wallets is on the rise. In the past year, there has been a net inflow of 278,000 bitcoins (about 80% retail funds) into spot ETFs in the United States, while large wallets (holding more than 1,000 bitcoins, excluding exchanges and mining pools) have a net inflow of 670,000, indicating that institutions allocate bitcoin through custody services about 2.4 times the size of ETF channels. Ki Young Ju added that these whale wallets are a superset of custodial wallets. Since most ETF wallets hold less than 1,000 bitcoins, the data is a good reflection of the actual situation of custodial wallets. He also pointed out that more detailed data is needed to gain deeper market insights.