Bitcoin’s high-conviction holders are turning into sellers as the crypto’s price hits new lows Long-term bitcoin holders, inactive from February to April, have begun selling approximately $2.4 billion in recent weeks, impacting supply and demand balances. This selling pressure is compounded by bitcoin ETFs experiencing their longest streak of net outflows on record, contributing to price declines. Analysts suggest ETF flows are the primary driver of price appreciation, and recent negative flows, coupled with diminishing hopes for regulatory catalysts, point to a lackluster sentiment.

• Long-term bitcoin holders (155+ days) have become sellers, offloading about $2.4 billion in recent weeks.
• Investors who bought bitcoin above $90,000 are now capitulating, selling 26% of bitcoin in the past 30 days.
• Bitcoin ETFs have recorded their longest streak of net outflows (12 consecutive days), with net assets falling significantly.
• Bitcoin is down 10% week-to-date due to fear-based selling and liquidations.
• Analysts highlight ETF flows as the primary driver of BTC price appreciation, explaining about 45% of weekly return variation.
• Divergence between bitcoin’s performance and the rising stock market is causing investors to question bitcoin’s dominant narratives.