Recent data indicates that Bitcoin\u2019s sharp price drop to $92,200 is primarily driven by long-term holders rather than institutional investors or exchange-traded funds (ETFs), countering initial speculation.<\/p>\n\n\n\n
Bitcoin experienced a 5.6% decline within 24 hours as of Nov. 26. However, analysts suggest that the sell pressure originates from long-term Bitcoin holders, often referred to as “hodlers.”<\/p>\n\n\n\n
Eric Balchunas, a senior ETF analyst at Bloomberg, emphasized this point in a Nov. 25 post on X (formerly Twitter). He wrote:<\/p>\n\n\n\n
\u201cThe call is coming from inside the house; it\u2019s long-term hodlers.\u201d<\/p>\n\n\n\n
Balchunas noted confusion among some observers, who questioned why massive Bitcoin purchases by entities like Michael Saylor\u2019s MicroStrategy hadn\u2019t caused a price surge. His analysis highlighted that long-term holders were liquidating their assets despite significant institutional demand.<\/p>\n\n\n\n
Despite the sell-off, spot ETFs in the U.S. absorbed about 90% of the selling pressure from long-term holders, according to crypto trader and technical analyst Kyle du Plessis. In a Nov. 24 post, he attributed Bitcoin’s continued momentum toward the $100,000 milestone to robust institutional buying.<\/p>\n\n\n\n
Long-term holders reportedly sold 128,000 BTC, but ETFs have played a crucial role in sustaining the rally.<\/p>\n\n\n\n
Bitcoin\u2019s correction follows its record-breaking surge to $99,000 on Nov. 22, the largest monthly gain in its history. While some analysts still expect Bitcoin to breach the $100,000 mark before month-end, others view the dip as a necessary reset.<\/p>\n\n\n\n
Kris Marszalek, CEO of Crypto.com, previously cautioned that the market needs to deleverage to sustain Bitcoin\u2019s rally beyond $100,000. Despite this warning, no significant deleveraging has occurred yet. CryptoQuant data shows Bitcoin\u2019s leverage ratio remains elevated at 0.24, last seen in August 2023.<\/p>\n\n\n\n
While the recent correction underscores the role of long-term hodlers in shaping market trends, institutional interest continues to provide strong support. This dynamic suggests that Bitcoin\u2019s path to $100,000 may still be achievable, but only with market stability and reduced leverage.<\/p>\n","protected":false},"excerpt":{"rendered":"
Recent data indicates that Bitcoin\u2019s sharp price drop to $92,200 is primarily driven by long-term holders rather than institutional investors or exchange-traded funds (ETFs), countering initial speculation. Hodlers Take the Lead in Bitcoin Sell-Off Bitcoin experienced a 5.6% decline within 24 hours as of Nov. 26. However, analysts suggest that the sell pressure originates from […]<\/p>\n","protected":false},"author":10,"featured_media":6082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[257,18],"tags":[],"class_list":{"0":"post-12420","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"category-market-updates"},"acf":[],"yoast_head":"\n