But according to Eric Balchunas, senior ETF analyst at Bloomberg, the reason for the bitcoin price drop is not institutions or exchange-traded funds (ETFs), but long-term holders, also called holdings.
Analyst wrote this in post X dated 11/25/2019:
I see a lot of reports of sailors puzzled/disappointed to buy #BTC on BTC5b, but the price isn't going up - just like I sometimes hear about ETFs after major flows. This is data that shows what I've been saying for a while now: the phone is ringing from inside the house, these are long-term subscribers
the correction came shortly after #bitcoin recorded its biggest monthly gain in history, breaking the 99,000 mark for the first time to 22. Some analysts expect bitcoin to hit a record 100,000 by the end of the month.
data coming from the network shows that #ETF inflows were not the main reason for the pressure on bitcoin.
In addition, the Etf absorbed much of the pressure from long-term holders, crypto trader and technical analyst Kyle du Plessis wrote in a Dec. 24 post X. :
Long-term bitcoin holders sold 128,000 BTC, while the U. S. spot Etf absorbed 90 percent of the sales. Strong institutional demand is fueling the BTC rally as it approaches the 100,000 BTC mark
However, given the growing influence on the #cryptocurrency market, this correction could help sustain bitcoin's current rally.
11/12 Chris Marszalek, co-founder and CEO of Crypto. com He warned that the cryptocurrency market needs to deleverage before bitcoin reaches the $ 100,000 mark.
Read us at: Compass Investments