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Analysis: The adjustment in Bitcoin price is triggered by long-term holders, not ETFs

Analysis: The adjustment in Bitcoin price is triggered by long-term holders, not ETFs

Bitget2024/11/26 10:49

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

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

Onchain data shows that ETF flows are not the main cause of Bitcoin selling pressure. These ETFs have absorbed a lot of selling pressure from long-term holders. Cryptocurrency trader and technical analyst Kyle du Plessis wrote: "Long-term Bitcoin holders sold 128,000 BTC, but US spot ETFs absorbed 90% of the selling pressure. Strong institutional demand has driven BTC up closer to the $100k milestone."

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