CryptoQuant analyst Mignolet has identified the source of Bitcoin's sharp intraday decline, attributing it to concentrated selling from U.S.-based whale wallets rather than activity in the ETF market.
Key Data Point:
The sell-off was flagged by one of the strongest negative Coinbase Premium Gap (CPG) signals in recent months. A deeply negative CPG indicates significantly lower prices on the U.S.-regulated Coinbase exchange compared to global averages, a classic sign of heavy selling pressure from U.S. entities.
ETF Activity Ruled Out:
Mignolet confirmed that U.S. spot Bitcoin ETFs were not trading at the time of the initial price drop, effectively ruling them out as the source of the selling pressure. This points the cause toward large individual or institutional wallets operating outside the ETF wrapper.
Historical Context:
The analyst noted that this pattern of U.S. whale selling, signaled by a negative CPG, is a well-documented occurrence in past market cycles. Such moves are typically associated with short-term volatility and profit-taking rather than signaling a fundamental reversal of the long-term trend.
Conclusion: The data suggests the sell-off was a spot-market driven event from major holders, not indicative of a structural shift in institutional demand via ETFs. $BTC $ETH $BNB #CryptoNews
