One month after SEC approval for the first spot Bitcoin ETFs, a new pattern is arising: Retail investors are selling, while institutions are buying up the supply. Wall Street is becoming dominant in Bitcoin holdings, raising concerns about centralization. HODL15Capital on X has raised concerns about Bitcoin potentially losing its decentralized nature to large Wall Street investors. This is in light of how aggressively they have been purchasing tens of thousands of the limited and unchanging supply of the coin every day in the trading market. HODL15Capital, sharing information on X, notes that smaller Bitcoin holders with less than 100 BTC have been selling off their assets in the past few weeks, with over 25,000 BTC sold in the last month. At the same time, major Bitcoin ETF issuers such as Blackrock, Fidelity, and Ark have been actively purchasing Bitcoin, acquiring more than 53,000 BTC during the same time frame. Some analysts believe that the sudden increase in purchasing coins is due to issuers trying to build up their coins while management fees are still low. Beginning in mid-February, American spot Bitcoin ETF providers have some of the lowest fees globally, leading investors in Europe and Canada to sell their local ETFs and purchase ones from companies like Bitwise and BlackRock. Despite the attractive management fees, Gabor Gurbacs suggested that the increased interest in these American ETFs could be due to various other reasons. The founder of PointsVille believes that wealthy individuals with significant amounts of cryptocurrency stored on platforms such as Binance, Kraken, and Coinbase are now favoring regulated ETFs, which eliminate the need to manage private keys. As the price of Bitcoin is increasing, it is advised that small holders do not sell. Although the increasing interest from institutions has been positive for the price of Bitcoin, HODL15Capital interprets the current performance in the daily chart as indicating that the cost is even higher.