Bitcoin Sell-Offs Are Ramping Up As Price Struggles, But Where Is All That BTC Going To?

Bitcoin has shed about $3,500 in value over recent days, slipping from above $70,000 earlier in March to around $66,500, as short-term holders take their exits. On one particularly turbulent day, about 22,000 BTC were moved to exchanges in a single session. Yet, the Bitcoin price is still holding above support and hasn’t broken below the $60,000 range. A different dynamic is quietly taking shape, one that raises a more important question than the selloff itself: who is actually absorbing all the Bitcoin being sold? ETF Demand Is Quietly Absorbing Market Supply Short-term holders, those who acquired Bitcoin relatively recently and are most sensitive to price drawdowns, have been routing coins to exchanges at an elevated pace. However, on-chain data from CryptoQuant data reveals a counterforce of equal or greater magnitude. Related Reading: What Every XRP Holder Must Understand As Activity Wanes The latest data points to a steady flow of Bitcoin moving into institutional hands, particula