Despite ETF inflows and Wall Street’s growing presence, early Bitcoin holders aren’t running for the exits.

According to Bitwise CIO Matt Hougan, most early adopters are still holding — even after massive gains. Some are taking partial profits, but they’re not abandoning Bitcoin.

Yes, a small group of cypherpunk purists may dislike BlackRock and institutional custody. But Hougan calls them a shrinking minority.

The bigger picture?

Early holders remain invested

Institutional capital is adding new demand

Bitcoin ownership is expanding, not rotating out

Bitcoin isn’t losing its believers.
It’s gaining new ones — without losing the old guard.