Who Is Actually Selling Bitcoin? Why ETF Billions Aren’t Sending BTC Higher

Bitcoin has a strange problem: billions of dollars are flowing into spot ETFs, Strategy is still buying, exchange balances remain historically low — yet BTC is struggling to move higher.

So who is actually selling Bitcoin?

In today’s Daily Crypto Deep Dive , we follow the money and try to answer that question properly. We look at the nearly 20,000 BTC recently moved from miner-linked wallets to Binance, profit-taking from short-term holders, long-term holder distribution, leveraged futures positions and the impact of surging US Treasury yields.

More importantly, we explain why massive ETF inflows do not automatically mean Bitcoin has to rise immediately — and why the billions coming through the ETFs may actually be doing something even more important right now: absorbing an enormous amount of sell-side supply.

We also ask the question that may matter most for Bitcoin’s next major move: what happens if miner selling and profit-taking begin to fade, but institutional demand keeps coming?

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These notes are supplied by Crypto News Today and are not a transcript. No separate source links were supplied with this edition.