I can't help but think of Jeff Boss's suggestion: the large cakes managed by a single Coinbase account for 15% of the circulation, and the proportion is expected to increase in the future. If Coinbase can manage large cakes to over 30% in the future, then many institutions and large investors' transactions are essentially internal transfers within the custodial wallet (without involving on chain or CEX logic). Will some on chain data and indicators be distorted?