From October 8 to November 13, the ETF absorbed approximately 128,000 BTC, accounting for about 93% of the LTH net selling pressure of 137,000 BTC. This highlights the key role that ETFs play in stabilizing the market during periods of increased selling activity.

However, since November 13, LTH selling pressure has begun to exceed ETF net inflows, echoing the pattern observed in late February 2024, where supply and demand imbalances have led to increased market volatility and consolidation.