Head of Research at Crypto Quant: BTC’s pullback is caused by short-term traders and whales taking short-term profits
Julio Moreno, the head of Crypto Quant research, tweeted that there is a belief that the current Bitcoin price correction is due to GBTC selling Bitcoin. However, this is not the case. GBTC has sold about 60,000 Bitcoin, while other ETFs have purchased a net total of about 72,000 Bitcoin. The sellers of Bitcoin are Bitcoin holders (short-term traders and whales) who have taken profits after last year's rebound (the approval of ETFs is a "sell-the-news" event).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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