Who's Selling Bitcoin? Fidelity Research Boss Breaks It Down
Visible inflows from spot Bitcoin ETPs and corporate buyers have so far failed to trigger a sustained rally, prompting traders to ask who is supplying the market. Chris Kuiper, CFA and vice president of research at Fidelity Digital Assets, argues the answer is evident: other market participants are providing enough sell-side pressure to soak up that demand.
Kuiper points to ongoing selling from operational and institutional sources—miners, OTC and trading desks, liquidity providers and periodic profit-taking by long-term holders—as the supply that offsets ETP and corporate flows. The takeaway: headline inflows matter, but net demand and market structure determine price direction, so investors should watch supply dynamics and derivative activity rather than assume inflows alone guarantee a breakout.