Analysis: Bitcoin's decline was caused by long-term holders selling, not by institutions or Bitcoin spot ETFs

Odaily News Eric Balchunas, senior ETF analyst at Bloomberg, said it was not institutions or Bitcoin spot ETFs that caused the price of Bitcoin to fall. Data showed that it was long-term holders who caused the price to fall. The pullback occurred after Bitcoin hit its largest monthly K-line in history, breaking through $99,000 for the first time on November 22. Some analysts still expect Bitcoin to break through $100,000 to set a new all-time high before the end of this month. Cryptocurrency trader and technical analyst Kyle du Plessis said, "Long-term Bitcoin investors sold 128,000 bitcoins, but U.S. spot ETFs absorbed 90% of the selling pressure. Strong institutional demand is driving Bitcoin up, pushing it towards the $100,000 milestone." (Cointelegraph)