Bitcoin Price Faces Rising Sell Pressure as ETF Demand Absorbs Distribution

Bitcoin's price has been drifting downwards, nearing its sixth consecutive monthly loss, but the market shows a split between short-term holders selling and institutions absorbing the supply. Despite falling below $65,000, the price has remained above long-term support levels. On-chain data reveals a transfer of Bitcoin from short-term holders to larger entities, coinciding with approximately 63,000 BTC accumulated through spot ETFs in the past month. While ETF inflows have stabilized, they haven't been strong enough to lift the price significantly. Macro conditions, including rising oil prices and shifting expectations for rate cuts, are also influencing Bitcoin's performance, correlating it with broader risk assets. Institutional behavior has shifted, with ETF flows turning negative, indicating de-risking. The market currently reflects a balance between distribution and absorption, with the future outcome dependent on broader macroeconomic conditions.

(Source：Bitcoin Magazine)