"Bitcoin's recent correction: little impact from ETFs… whale sell-offs had greater effect"
Summary
- Analysts say the main cause of Bitcoin's correction was not net outflows from spot ETFs but whale sell-offs.
- A Bloomberg ETF analyst said recent one-month ETF net outflows amounted to about $722 million.
- Over the past month, long-term holders reportedly sold about 400,000 BTC (about $45 billion).
Analysts say Bitcoin's recent correction was caused by whale sell-offs rather than net outflows from spot exchange-traded funds (ETFs).
On the 7th (local time), Eric Balchunas, a Bloomberg ETF analyst, said, "Even as Bitcoin fell 20%, net withdrawals from spot ETFs amounted to less than $1 billion. Net outflows over the past month totaled about $722 million."
He added, "Baby boomer investors who use ETFs are by no means insignificant," and said, "So who sold? To borrow a line from a horror movie, 'the phone was ringing inside the house.'"
His remarks are interpreted as pointing out that in mid-October Bitcoin whales and long-term holders carried out large sell-offs near $100,000. In fact, according to 10X Research data, long-term holders sold about 400,000 BTC (about $45 billion) over the past month.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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