CoinVoice has recently learned that, according to Cointelegraph, Bloomberg's senior ETF analyst Eric Balchunas stated that the decline in Bitcoin prices is not caused by institutions or exchange-traded funds (ETFs), as data points to long-term holders, also known as hodlers.
The analyst wrote: 'I see a lot of CT feeling confused/frustrated as to why Saylor can buy $5 billion worth of BTC but the price doesn’t go up – this is similar to what I sometimes hear about ETFs after a large influx of funds. The data proves what I have long said: this call comes from within, it is the long-term holders.'
Onchain data shows that ETF liquidity is not the main reason for Bitcoin sell pressure. These ETFs have absorbed a significant amount of sell pressure from long-term holders, cryptocurrency trader and technical analyst Kyle du Plessis wrote: 'Long-term Bitcoin holders sold $128,000 worth of BTC, but the US spot ETFs absorbed 90% of the sell pressure. Strong institutional demand has driven BTC's rise, bringing it closer to the $100,000 milestone.' [Original link]
