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BTC's rise to a record $97,000 was driven by strong capital inflows from both spot ETFs and spot demand. Over the past 30 days, over $62.9 billion has entered the market, with BTC dominating the inflows.

Long-term holders have begun selling, with 128,000 BTC sold between October 8 and November 13.

US spot ETFs played a key role, absorbing around 90% of the selling pressure from long-term holders over the period. This highlights the growing importance of ETFs in maintaining liquidity and stabilizing the market. $BTC

— Glassnode's weekly review.