In a recent analysis, an expert has debunked the rumor that ETFs are responsible for the drops in Bitcoin prices, instead pointing the finger at HODLers. The analyst argues that it is the actions of long-term holders of Bitcoin, known as HODLers, that have a greater impact on the price fluctuations of the cryptocurrency.
The debunking comes in response to speculation that the recent price drops in Bitcoin were due to the rejection of a Bitcoin ETF proposal by Coinbase. However, the analyst asserts that it is the behavior of HODLers, who hold onto their Bitcoin for extended periods of time, that plays a significant role in determining the price movements of the digital currency.
While ETFs can have an influence on the market, the analyst suggests that it is important to consider the actions of HODLers when analyzing the fluctuations in Bitcoin prices. By understanding the motivations and behaviors of these long-term holders, investors can gain a better understanding of the factors driving the volatility of the cryptocurrency market.