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Who really holds Wall Street crypto as shadow whales elude disclosures

Wall Street\'s exposure to crypto assets has risen to record levels, but an analysis said the actual holders and money flows remain opaque. It tracked holdings using SEC 13F filings, corporate financial statements, tokenised assets, custody structures and on-chain OTC flows. The analysis said filings show ETF purchases but not investor intent, while corporate holdings vary by strategy. It also pointed to custody concentration and disclosure blind spots such as family offices and overseas entities.