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 the 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 record 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 US spot ETFs absorbed 90% of the selling pressure. Strong institutional demand is driving Bitcoin up, pushing it to the $100,000 milestone." (Cointelegraph)