🚨🚨CryptoQuant: Morning drop of Bitcoin driven by US whales, not by ETFs🚨🚨
CryptoQuant analyst, Mignolet, said that the strong drop of $BTC earlier today was driven by selling pressure from whale wallets based in the US, and not by exchange-traded funds.
According to Mignolet, the market recorded one of the strongest sell signals of the Coinbase Premium Gap (CPG) in recent months, indicating strong selling activity on platforms regulated by the US.$DUSK
He noted that Bitcoin ETFs were not being traded at the time of the shift, confirming that the sale did not originate from ETF flows. Instead, the pressure came from large US whale addresses operating outside of the ETF structure.$SCRT
Mignolet added that this type of whale sale led by CPGs is a well-known historical pattern, having emerged several times in previous market cycles, often during periods of short-term volatility rather than long-term trend reversals.
The data suggests that the movement was driven by the behavior of the spot market of large shareholders, and not by a structural change in institutional demand for ETFs.
#BTC #etf #BTC100kNext? #MarketRebound #CryptoQuant
