Professional investors net sold 52k BTC worth of spot ETFs in the first quarter, but banks and long-term allocators actually increased their holdings.

This is not simply a matter of "institutions fleeing." Hedge funds are withdrawing, banks are entering — the divergence in holding structures is more worth pondering than the price itself.
Underlying logic: Hedge funds engage in basis trading, closing positions when the market falls; banks and pension funds focus on allocation cycles, with around $60k being an opportunity to add.
The risk is: if macro conditions continue to worsen, banks may also cut losses. Currently, the support level is the miners' cost line at $60k, but if it breaks, the structural divergence could turn into a unified sell-off.
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