Who Is Selling Bitcoin? Why BTC Price Is Dropping
Bitcoin's recent attempts to regain momentum have faltered even as exchange-traded products, corporations and institutional investors continue to buy. In an analysis shared on X, Chris Kuiper, CFA, explains that the principal selling is coming from long-term holders who are slowly realising gains after years of accumulation. That gradual profit-taking has blunted rallies and increased downward pressure despite ongoing inflows from professional buyers.
Why this matters: profit-taking by HODLers can shift the supply-demand balance and make prices more sensitive to further withdrawals, keeping volatility elevated. If institutional and ETP demand can absorb that supply, prices may stabilise; if not, the market could face deeper retracements. Market participants should watch on-chain selling metrics, exchange flows and ETP inflows for signs of which cohort is dominating net flows.