Bitcoin Price Drop Fueled by Long-Term Holders Despite Strong Institutional Demand for Spot ETF

According to COINOTAG News on November 26th, analysis by Bloomberg’s Senior ETF Analyst Eric Balchunas has clarified recent fluctuations in Bitcoin’s price. The recent decline is attributed primarily to selling activity from long-term holders rather than institutional investors or the anticipated Bitcoin spot ETF. This retracement came on the heels of Bitcoin achieving its most significant monthly candle ever, surging past $99,000 on November 22nd. Market analysts remain optimistic, with projections suggesting a potential breakthrough of the $100,000 barrier before the month concludes.

Cryptocurrency trader and technical analyst Kyle du Plessis highlighted that long-term holders offloaded 128,000 BTC during this period, yet the U.S. spot ETF managed to absorb approximately 90% of the resulting selling pressure. The current landscape indicates robust institutional interest, which is a critical factor supporting Bitcoin’s price momentum as it steadily approaches the $100,000 mark.