BTC holders continue to hold rather than cash out despite ETF approval
"Despite the price correction following the launch of the Bitcoin Spot ETF, BTC holders appear to be holding on rather than cashing out," Checkmate (@Checkmatey), principal analyst at crypto on-chain data analytics firm Glassnode, said on X (formerly Twitter). "Bitcoin's recent pullback has been unusually shallow compared to previous bull markets. In previous bull cycles, we've seen declines of 25%, 30%, and sometimes 50% and 60%. "These indicators suggest that BTC holders are currently more bullish than ever and are reluctant to cash out, even after the ETF approval, which was seen as a sell-the-news selling event."