Analysis: Bitcoin's decline was caused by long-term holders selling, not by institutions or Bitcoin spot ETFs

According to Odaily Planet Daily, Eric Balchunas, senior ETF analyst at Bloomberg, said that it was not institutions or Bitcoin spot ETFs that caused the price of Bitcoin to fall. Data showed that it was long-term holders who caused the price to fall. The pullback occurred after Bitcoin hit the largest monthly K-line in history, breaking through $99,000 for the first time on November 22. Some analysts still expect Bitcoin to break through $100,000 to set a new record high before the end of this month.
Kyle du Plessis, a cryptocurrency trader and technical analyst, said, "Long-term Bitcoin holders sold 128,000 Bitcoins, but U.S. spot ETFs absorbed 90% of the selling pressure. Strong institutional demand is driving Bitcoin up, pushing it towards the $100,000 milestone."