BlockBeats news, on November 26, according to Cointelegraph, Bloomberg's senior ETF analyst Eric Balchunas stated that it is not institutions or the Bitcoin spot ETF that caused the decline in Bitcoin prices; the data shows that the decline was caused by long-term holders.
This pullback occurred after Bitcoin recorded the largest monthly K-line in history, breaking through $99,000 for the first time on November 22. Some analysts still expect Bitcoin to surpass $100,000 and set a new all-time high before the end of this month.
Cryptocurrency trader and technical analyst Kyle du Plessis stated, 'Long-term Bitcoin investors sold 128,000 BTC, but the U.S. spot ETF absorbed 90% of the selling pressure. Strong institutional demand is driving Bitcoin up, pushing it towards the milestone of $100,000.'
