Balchunas: “It's Not ETF Holders, It's Former BTC Investors That Decreased Bitcoin Price”

However, Balchunas did not agree with this assessment. “Actually, the opposite is true. The new 'Boomer' ETF investors (as we predicted) are the real strong investors, while other BTC holders are behind the selling pressure,” Balchunas said.

Balchunas revealed that nine new Bitcoin ETFs attracted nearly $1.2 billion in the last five days as the price fell 8%. While there were outflows in the Grayscale Bitcoin Trust (GBTC), Balchunas explained that this was largely due to Genesis investors exchanging GBTC holdings for spot BTC, resulting in a net neutral event.

“When we add these up, ETFs have actually been net buyers of BTC (and none of the new money has left, even more has entered),” Balchunas concluded.

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