Analysts at Glassnode stated that BNUBT has received more than $62.9 billion in over the last 30 days, with Bitcoin leading capital inflows. They noted that the long-term holders began to sell, in which between October 8 and November 13, 128,000 BTC were sold.
As identified by their analysis, spot Bitcoin ETFs have absorbed almost 90% of the selling pressure created by the long-term holders in the past few weeks. This shows the increasing importance of newer exchange-traded products for liquidity and stability in the crypto market. However, the investors would likely start to take profits, which may throw the price of the cryptocurrency into a correction.
All analysts agreed that long-term investors naturally tend to become significantly important as they would be controlling exactly how big a portion of the total supply. The influence of their tremendous spending power can strike a fatal blow to stability of the market. Undeniably, this behavior would work to alter the local and global price fluctuations of Bitcoin.
In the development of the market, it becomes imperative for the stakeholders in the journey of fulfilling the maze of investment into cryptocurrencies to assess these trends.
