Yeah, I’m with you it’s a bit of a stretch. The idea that OG whales would willingly move from cold storage (total sovereignty) into an ETF structure managed by institutions like BlackRock seems counter to everything Bitcoin’s early adopters typically stand for. Can it be proven?** Not really—not in any definitive, on-chain way. You can maybe infer movement patterns or wallet dormancy ending, but “trading keys for ETF shares” is more speculation than fact. Plan B might have models or theories, but those aren’t proof. Why would they do it?** That’s the real question. Maybe for estate planning, liquidity, or integrating BTC into traditional financial portfolios without dealing with custody headaches. But even then—losing privacy, triggering taxes, and trusting third parties? For OGs, that’s a big leap. Tom Lee may be floating the theory, but yeah, I’m skeptical too. It feels like one of those narratives made to explain sideways price action when on-chain data doesn’t offer a clear answer.