According to Kashif Raza, BlackRock CEO Larry Fink said large endowments and sovereign funds are quietly increasing Bitcoin (BTC) exposure and are building long positions rather than short-term trades; source: X post by Kashif Raza on Dec 5, 2025 https://twitter.com/simplykashif/status/1996823170951864729. For traders, sustained long-only institutional demand is typically reflected through spot Bitcoin ETP primary market creations that hold BTC and through futures positioning, making ETF primary flows, CME futures basis, and exchange reserve trends key confirmation metrics; sources: SEC Order approving spot Bitcoin ETPs (Release No. 34-99306) https://www.sec.gov/rules/sro/nysearca/2024/34-99306.pdf; CME Group Bitcoin futures product page https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.html; Glassnode Academy Exchange Balance metric https://academy.glassnode.com/metrics/supply/exchange-balance.