ChainCatcher news, according to Cointelegraph, Bloomberg's senior ETF analyst Eric Balchunas stated that the decline in Bitcoin prices is not caused by 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 hasn't gone up - this is similar to what I sometimes hear about ETF situations after a lot of money flows in. The following data proves what I've been saying for a long time: this call is coming from within, from long-term holders.'
Onchain data shows that ETF flows are not the main reason for Bitcoin sell pressure. These ETFs have absorbed a significant amount of sell 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 U.S. spot ETFs absorbed 90% of the sell pressure. Strong institutional demand has driven BTC up, bringing it closer to the $100,000 milestone.'
