A different dynamic is quietly taking shape, one that raises a more important question than the selloff itself: who is actually absorbing all the Bitcoin being sold?
ETF Demand Is Quietly Absorbing Market SupplyShort-term holders, those who acquired Bitcoin relatively recently and are most sensitive to price drawdowns, have been routing coins to exchanges at an elevated pace. However, on-chain data from CryptoQuant data reveals a counterforce of equal or greater magnitude.
The latest data points to a steady flow of Bitcoin moving into institutional hands, particularly through spot ETFs. Over the past 30 days, roughly 63,000 BTC has been accumulated by institutions. This figure stands in contrast to the daily selling pressure coming from short-term holders.
