Bitcoin $92K price correction triggered by long-term hodlers, not ETFs
2024-11-26

Bitcoin’s recent price drop is being attributed to long-term holders rather than institutional investors, despite initial speculation to the contrary.
Bitcoin BTCUSD price fell over 5.6% in the past 24 hours to trade at $92,774 as of 8:52 am UTC on Nov. 26, Cointelegraph data shows.
However, it wasn’t the institutions or exchange-traded funds (ETFs) that caused Bitcoin’s price decline, as the data points to long-term holders, also known as hodlers, according to Eric Balchunas, a senior ETF analyst at Bloomberg.
The analyst wrote in a Nov. 25 X post:
The correction comes shortly after Bitcoin recorded its biggest monthly candle in history as it breached $99,000 on Nov. 22 for the first time. Some analysts still expect Bitcoin to breach the $100,000 record high before the end of the month.
Bitcoin hodlers caused BTC correction to $92,000: Data
Onchain data reveals that ETF flows haven’t been the primary causes of sell pressure for Bitcoin.
Moreover, the ETFs have absorbed a significant amount of selling pressure, which came from long-term holders, crypto trader and technical analyst Kyle du Plessis wrote in a Nov. 24 X post:

However, the correction could be beneficial for the sustainability of the current Bitcoin rally, considering the growing leverage in crypto markets.
On Nov. 12, Kris Marszalek, the co-founder and CEO of Crypto.com, warned that the crypto market will need deleveraging before Bitcoin can breach $100,000.
However, the correction didn’t trigger an immediate deleveraging. Bitcoin’s estimated leverage ratio across all cryptocurrency exchanges stood at 0.24, which marks a high last seen in August 2023, CryptoQuant data shows.
Why a Trump Presidency Could Spark an “Altcoin Explosion.” Source: YouTube