Bitcoin Sees Outflows from ETFs and Selling Pressure from Long-Term Holders
Bitcoin experienced a sharp decline in fortunes last week, with significant net outflows from Spot Bitcoin ETFs, ending a 20-day inflow streak. This outflow is reminiscent of the one observed at the end of April. On-chain metrics indicate that the real selling pressure is not coming from ETF investors but from Long-Term Holders, whales, and miners. The Hodler Net Position Change metric, which measures whale holdings, has shown consistent negative values for the past nine days. Additionally, the Bitcoin Whale ratio is climbing as more whales deposit BTC on exchanges.