Bitcoin has gained roughly 8% since the 250th anniversary of US independence, and Bloomberg's senior ETF analyst Eric Balchunas is paying close attention. He pointed out that the move has outpaced many other assets over the same stretch, and that spot Bitcoin ETFs are picking up steam alongside it: the funds recorded approximately $750 million in net inflows last week alone.
Still, Balchunas stopped short of calling it a confirmed uptrend. A bounce after a sharp pullback is hardly a surprise, he argued, and the price direction from here remains genuinely unclear. He was careful not to read too much into a single week of positive flows.
The long-term seller problem
The more telling detail in his analysis involves what has been dragging on Bitcoin for the past nine months: persistent selling by long-term holders. These are investors who have been sitting on BTC for years, and their continued distribution has capped price gains repeatedly. Balchunas suggested that if this cohort finally steps back from selling, the recovery could pick up real momentum. Until then, each rally faces a structural headwind that fresh ETF demand alone may not be enough to offset.
Capital is returning, the price is moving, but one of the oldest forces in the market is still pushing the other way.
This article is for informational purposes only and does not constitute financial or investment advice.
