Don't blame ETFs, BTC sell-off 'coming from inside the house': Analyst
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Outflows from Bitcoin ETFs over the last month have been relatively small despite October's historic market crash that slashed prices by 20%.
Bitcoin exchange-traded funds (ETFs) saw less than $1 billion in outflows following the historic crypto market crash in October that caused a 20% decline in BTC’s price, according to senior Bloomberg ETF analyst Eric Balchunas.
The ETFs broke a six-day outflow streak on Thursday, recording about $240 million in capital inflows, Balchunas said, sharing a chart that showed net outflows of about $722 million over the past month.
“Told y’all the ETF-using boomers are no joke. So who’s been selling? To quote that horror movie, ‘Ma’am, the call is coming from inside the house,’” Balchunas said.
The comments refer to the 400,000 BTC sold by Bitcoin whales and long-term BTC holders, who cashed in around the $100,000 price level during October.
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