Data Insights: Who is Buying and Who is Selling BTC and ETH?

BTC long-term holders continue to sell and take profits.

Written by: 1912212.eth, Foresight News

Since BTC fell below the $100,000 mark, the market situation has deteriorated rapidly, at one point testing the $93,000 level. Market panic has continued to spread, with data showing the fear index once dropping to 17—the last time such panic occurred was in April this year.

There is increasing discussion about whether the four-year cycle will continue and whether the market has already turned bearish. So, from a data perspective, what is happening with Bitcoin and Ethereum?

Large Net Outflows Continue for Bitcoin and Ethereum Spot ETFs

Since October this year, as an important indicator for tracking capital flows, the performance of Bitcoin spot ETF data has been far from optimistic.

Specifically, from October 10 to October 14, there were only 8 days of net inflows, and the amounts were not significant, with only November 11 seeing a single-day inflow of $523.98 million as the sole highlight. On the outflow side, the amounts have continued to increase, with November 13 seeing a rare single-day net outflow of $869.86 million, setting a new nine-month high.

For the entire month of October, the net inflow for Bitcoin spot ETFs was $3.419 billion, but in just half a month since November, the net outflow has reached $2.334 billion.

ETH spot ETF data has performed just as poorly.

Since October 10, there have only been 6 days of net inflows, with all other days seeing net outflows. In addition, the net outflow amounts have remained around $150 million to $200 million. Currently, the total cumulative net inflow stands at $13.13 billion.

Who is Selling, Who is Buying

According to bitcointreasuries data, among the top 20 private companies holding BTC reserves, only the Tezos Foundation has chosen to reduce its BTC holdings, while the others have opted to increase or maintain their positions.

Bitcoin heavyweight Michael Saylor has consistently stuck to buying. According to a screenshot from his official website, his BTC holdings have risen to 641,692 coins, with a total value of $61.2 billion and an average purchase price of $74,079,000. In addition, he tweeted that he will continue to buy BTC. Currently, MSTR stock is priced at $199.7, with a market cap of $57.4 billion, and the mNAV (ratio of enterprise market cap to BTC holdings value) has fallen below 1.

Another market player, BlackRock, has chosen to sell. Arkham monitoring shows that it has recently reduced its Bitcoin holdings by 0.41% and Ethereum holdings by 0.89%. Its wallet balance has dropped from $115 billion to around $88 billion.

On-chain data: who is continuously selling BTC?

Glassnode provides the answer: BTC long-term holders. Bitcoin supply is rapidly decreasing, and net position change has sharply turned negative.

As bulls struggle to defend the $100,000 mark, long-term holders (LTHs) are taking profits.

Among Ethereum treasury companies, there are clear differences.

BitMine, ranked first, has aggressively increased its holdings by 15.6% in the past 30 days, bringing its reserves to 3.51 million ETH, currently valued at $11.02 billion. SharpLink, ranked second, has also increased its holdings by 2.3%, now holding $859,400. In addition, Ethereum Foundation, Coinbase, Lido DAO, Optimism Foundation, and Onchain Foundation have all chosen to increase their holdings, with the last two increasing by more than 20%.

However, some have chosen to sell, with ETHZilla, ENS, Arbitrum DAO, Zentry, and Aave DAO all making significant reductions to varying degrees.

It is worth noting that among players ranked outside the top 20, the reduction in ETH holdings far exceeds the increases.