谁是“ Big Whales ”in Finance， 他们能像散户一样买BTC吗？

我COPY& PASTE 同样问题给Grok&ChatGPT ， Grok比ChatGPT 回复慢一点，但答案质量好很多。

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By ChatGPT

Excellent and deep questions — let’s unpack them carefully and precisely.

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1. Who are the “Big Whales” in finance?

When people say “big whales” in financial markets, they usually mean entities whose capital is so large that their trades can move markets.

These include:

Institutional Investors

1. Asset Managers – e.g. BlackRock, Vanguard, Fidelity, State Street

   • They manage trillions in client money through ETFs, mutual funds, and pensions.

2. Pension Funds – e.g. CalPERS (California), Ontario Teachers’ Pension Plan

   • Long-term investors focusing on steady growth.

3. Sovereign Wealth Funds – e.g. Norway’s Government Pension Fund, Abu Dhabi Investment Authority

   • Government-owned funds managing national reserves.

4. Hedge Funds – e.g. Bridgewater Associates, Citadel, Millennium

   • Aggressive, short-term or arbitrage-driven strategies; huge leverage.

5. Private Equity Firms – e.g. Blackstone, KKR, Apollo

   • Focus on buying, restructuring, and selling private companies.

These “whales” can deploy tens to hundreds of billions per move, and even their filings (like 13D, 13G, 13F) are watched closely for market signals.

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? 2. Who are the Market Makers?

Market makers are specialized financial firms that provide liquidity — they continuously quote buy and sell prices for securities, ensuring trading can happen smoothly.

Examples:

• Citadel Securities

• Virtu Financial

• Jane Street

• Susquehanna International Group (SIG)

• Goldman Sachs (MM division)

Their function:

• They profit from the bid–ask spread (the small difference between buy and sell prices).

• They are essential for efficient price discovery in stocks, options, ETFs, and increasingly in crypto markets too.

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? 3. Can these institutions buy Bitcoin (BTC)?

Yes — but under strict frameworks and custodial rules.

Institutional BTC exposure can be:

1. Direct: buying BTC itself (requires custody, cold storage, compliance).

2. Indirect: via Bitcoin ETFs (like BlackRock’s iShares Bitcoin Trust (IBIT) or Grayscale Bitcoin Trust (GBTC)).

3. Derivatives: futures, options, or structured notes based on BTC price.

Most large U.S. institutions currently prefer ETF exposure because it avoids the operational and regulatory complexity of holding crypto directly.

(Note: the 30% tax benifit with In-Kind transfer)

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? 4. Regulatory restrictions (U.S.)

Permitted:

• Institutions can hold or trade Bitcoin through registered vehicles, such as ETFs, or via regulated custodians.

• Hedge funds and proprietary trading desks may hold BTC under SEC and CFTC oversight (depending on structure).

Restricted / Controlled:

• Banks must seek approval from their regulators (OCC, FDIC, Federal Reserve) before direct crypto custody or trading.

• Public companies must disclose crypto holdings under GAAP (treated as intangible assets).

• Insider trading, AML/KYC, and sanctions compliance apply strictly to crypto transactions.

• Stablecoins and DeFi exposure are still in gray zones — heavily scrutinized by regulators.

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5. Summary Snapshot

Category	Example Entities	Role	BTC Access	Regulatory Notes
Asset Managers	BlackRock, Fidelity, Vanguard	Long-term investors, ETF sponsors	via ETFs, some direct	SEC-regulated
Hedge Funds	Citadel, Millennium, Renaissance	Speculative, trading	direct or via derivatives	Must comply with CFTC/SEC
Market Makers	Jane Street, Virtu, Citadel Securities	Provide liquidity	on regulated exchanges	Must register with SEC/CFTC
Banks	JPMorgan, Goldman Sachs	Lending, trading	? limited, regulated	OCC, Fed, FDIC oversight
Retail / Public	Individual investors	Speculative	freely	Must use registered platforms

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Would you like me to show you a visual map of how these “big whales” interact — from central banks to hedge funds to retail — and where Bitcoin fits within that ecosystem? It’s quite revealing.

 

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By GROK

### Big Whales in Financial Institutions

When we refer to "big whales" in the context of financial institutions, we're primarily talking about the largest, most influential players in global finance that control enormous pools of capital and can significantly impact markets through their trading, investments, or policy influence. These aren't just any banks or funds—they're the systemic giants whose actions ripple across asset classes, including traditional stocks, bonds, forex, and increasingly, cryptocurrencies like Bitcoin (BTC).

These whales are often measured by assets under management (AUM), market capitalization, or trading volume. Here's a quick overview of the main categories and examples (based on scale as of late 2025):

Category	Description	Key Examples	Approximate Scale (AUM or Influence)
Mega-Banks	Commercial and investment banks with global reach, handling trillions in deposits, loans, and derivatives. They act as gateways for institutional money into new assets like crypto.	JPMorgan Chase, Bank of America, Citigroup, HSBC	$2–4 trillion AUM each; control ~40% of global derivatives market.
Asset Managers	Firms managing pensions, endowments, and retail funds. They're increasingly allocating to alternatives like BTC for diversification.	BlackRock, Vanguard, State Street	$8–10 trillion AUM each; BlackRock alone manages ~$10T+.
Hedge Funds & Private Equity	High-risk, high-reward players using leverage and derivatives. They're agile whales that can amplify volatility.	Citadel, Bridgewater Associates, Renaissance Technologies	$50–100B AUM each; Citadel trades ~35% of US equity volume daily.
Sovereign Wealth Funds & Central Banks	Government-backed entities with nation-state-level capital. Less transparent but hugely influential.	Norway's Government Pension Fund, Saudi PIF, Federal Reserve (via balance sheet)	$1–1.5T AUM; central banks hold ~$100T in global reserves.

These entities are "whales" because a single trade or announcement from them (e.g., BlackRock launching a BTC ETF) can move markets by billions. In crypto specifically, they've shifted from skeptics to major adopters post-2020, driven by inflation hedges and yield-seeking.

### Who Are the Market Makers?

Market makers (MMs) are specialized firms or desks within larger institutions that provide liquidity to markets by continuously quoting buy (bid) and sell (ask) prices for assets. They profit from the bid-ask spread and help prevent extreme price swings by absorbing imbalances. Without MMs, markets would be illiquid and chaotic.

- **In Traditional Finance**: MMs dominate exchanges like NYSE or Nasdaq. They're often high-frequency trading (HFT) firms using algorithms for microsecond trades.
- **In Crypto**: Similar but more decentralized, operating on exchanges like Coinbase, Binance.US, or DEXs. They handle 24/7 volatility.

Key players (as of 2025):

Type	Examples	Role & Scale
HFT Firms	Citadel Securities, Jane Street, Virtu Financial, Jump Trading	Handle ~50–70% of US equity volume; in crypto, Jump Trading provides liquidity for BTC on CME futures.
Crypto-Native MMs	Cumberland (DRW subsidiary), Galaxy Digital, Wintermute	Specialize in OTC (over-the-counter) BTC trades; Cumberland alone facilitates ~$1B+ daily in crypto volume.
Bank Desks	Goldman Sachs, Morgan Stanley, JPMorgan	Internal MM arms for institutional clients; Goldman pioneered BTC derivatives in 2021.

MMs are regulated to ensure fair quoting (e.g., SEC's Reg NMS in the US) but can be "designated" on exchanges for rebates.

### Can They Buy BTC? Regulatory Restrictions in the USA

Yes, these big whales and market makers can—and increasingly do—buy BTC, both directly and indirectly. Institutional adoption exploded after the SEC approved spot Bitcoin ETFs in January 2024, making it easier and less risky. By late 2025, inflows into BTC ETFs alone exceed $50B, with whales like BlackRock's IBIT ETF holding ~300,000 BTC. ( 编注：大约5% of all BTC)

#### How They Buy:
- **Spot ETFs**: Easiest entry (e.g., BlackRock's IBIT, Fidelity's FBTC). Institutions buy shares, and authorized participants (often MMs like Jane Street) handle the underlying BTC redemption.
- **Futures & Derivatives**: Via CME Group; MMs like Citadel trade these heavily.
- **Direct/OTC**: Custodians like Fidelity Digital Assets or Coinbase Custody hold BTC for banks/hedge funds.
- **On-Balance Sheet**: Banks like JPMorgan hold BTC as a reserve asset (announced in 2023).

#### Key US Regulatory Restrictions (as of November 2025):
The US framework is fragmented between SEC (securities), CFTC (commodities/futures), and FinCEN (AML). BTC is treated as a commodity (not a security), but rules are tightening for stability and consumer protection. No outright bans, but hurdles include:

Restriction Area	Details	Impact on Whales/MMs
Custody & Safekeeping	SEC's SAB 121 (updated 2024) requires banks to record client crypto as liabilities on balance sheets, deterring direct custody. Mitigated by third-party custodians.	Banks prefer ETFs over direct holds; MMs use segregated accounts.
AML/KYC Compliance	FinCEN rules mandate reporting for crypto transactions >$10K. Enhanced due diligence under BSA (Bank Secrecy Act).	All trades must be traceable; whales use compliant exchanges like Kraken or Gemini.
Leverage & Margin	CFTC limits leverage on BTC futures (e.g., 2:1 for retail, higher for institutions). SEC caps on ETF exposure.	Restricts speculative bets; MMs must maintain capital buffers (e.g., 8% under Basel III).
Disclosure & Reporting	SEC Form 13F requires quarterly holdings disclosure for funds >$100M AUM. Crypto-specific rules via 2024 FIT21 Act.	Transparency reduces front-running risks but exposes strategies.
State-Level Variations	NY BitLicense requires approval for crypto activities; stricter in CA/TX.	MMs route through compliant entities; some avoid high-regulation states.
Ongoing Scrutiny	Post-FTX (2022), SEC/CFTC probes for manipulation. Stablecoin rules (proposed 2025) could indirectly affect BTC pairs.	Whales self-regulate via industry groups like Chamber of Digital Commerce.

In summary, restrictions focus on risk management and anti-fraud rather than prohibition—encouraging innovation while protecting the system. Institutions like BlackRock have lobbied for clearer rules, and with a pro-crypto shift in Congress (post-2024 elections), expect more easing by 2026. If you're a whale yourself, consult a compliance expert—these are high-stakes waters.