Onchain data reveals that ETF flows haven’t been the primary causes of sell pressure for Bitcoin

Bitcoin’s recent price drop is being attributed to long-term holders rather than institutional investors, despite initial speculation to the contrary.

Bitcoin price fell over 5.6% in the past 24 hours to trade at $92,774 as of 8:52 am UTC on Nov. 26, Cointelegraph data shows.

However, it wasn’t the institutions or exchange-traded funds (ETFs) that caused Bitcoin’s price decline, as the data points to long-term holders, also known as hodlers, according to Eric Balchunas, a senior ETF analyst at Bloomberg

Onchain data reveals that ETF flows haven’t been the primary causes of sell pressure for $BTC .

Moreover, the ETFs have absorbed a significant amount of selling pressure, which came from long-term holders, crypto trader and technical analyst Kyle du Plessis wrote in a Nov. 24 X post:

Source: CoinTelegraph