Eric Balchunas, senior ETF analyst at Bloomberg, stated that it was not institutions or the Bitcoin spot ETF that caused Bitcoin's price drop; data shows that it was long-term holders. This pullback occurred after Bitcoin set the largest monthly candlestick in history, breaking through $99,000 for the first time on November 22. Some analysts still expect Bitcoin to break the $100,000 mark by the end of this month, setting a new all-time high. Cryptocurrency trader and technical analyst Kyle du Plessis said, "Investors holding Bitcoin for the long term sold 128,000 Bitcoins, but the U.S. spot ETF absorbed 90% of the selling pressure. Strong institutional demand is driving Bitcoin up, pushing it towards the $100,000 milestone." (Cointelegraph)

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