Head of Research at Crypto Quant: BTC’s pullback is caused by short-term traders and whales taking short-term profits

Julio Moreno, the head of Crypto Quant research, tweeted that there is a belief that the current Bitcoin price correction is due to GBTC selling Bitcoin. However, this is not the case. GBTC has sold about 60,000 Bitcoin, while other ETFs have purchased a net total of about 72,000 Bitcoin. The sellers of Bitcoin are Bitcoin holders (short-term traders and whales) who have taken profits after last year's rebound (the approval of ETFs is a "sell-the-news" event).