Analysis: The adjustment in Bitcoin prices is triggered by long-term holders rather than ETFs

2024-11-26 18:19:02

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ChainCatcher news, according to Cointelegraph, Bloomberg's senior ETF analyst Eric Balchunas stated that the decline in Bitcoin prices is not due to institutions or exchange-traded funds (ETFs), as the data points to long-term holders, also known as hodlers.

The analyst wrote: "I see a lot of CT feeling confused/frustrated about why Saylor can buy $5 billion worth of BTC, but the price doesn't go up------this is similar to what I sometimes hear about ETFs after a large influx of funds. The data proves what I've been saying for a long time: this call is coming from within, it's the long-term holders."

Onchain data shows that ETF flows are not the main reason for Bitcoin selling pressure. These ETFs have absorbed a significant amount of selling pressure from long-term holders, cryptocurrency trader and technical analyst Kyle du Plessis wrote: "Long-term Bitcoin holders sold $128,000 worth of BTC, but the U.S. spot ETF absorbed 90% of the selling pressure. Strong institutional demand has driven BTC higher, bringing it closer to the $100,000 milestone."

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