Morning Bitcoin Correction: US Whale Liquidations, No ETFs

The drop experienced by Bitcoin this morning is not rooted in index fund flows, according to CryptoQuant’s analysis. Expert Mignolet has identified that the movement was generated solely by selling pressure from large holders with addresses based in the United States. With BTC trading around $81,460 and a 1.79% decline in the last 24 hours, the market experienced volatile conditions that require a deep analysis of their true causes.

The CPG Indicator Reveals the True Source of Selling

The Coinbase Premium Gap (CPG) recorded one of its most intense signals in recent months, confirming that the massive liquidation came from regulated U.S. platforms. This technical indicator measures the price differential between Coinbase and other markets, allowing the identification of when large investors make significant trades.

A crucial detail demonstrating the absence of institutional ETF participation is that these products were not even in operation at the time of the corrective move. Whales operating outside the index fund structure were responsible for exerting pressure on prices, completely decoupled from flows derived from regulated investment products.

A Known Cyclical Pattern in Volatile Markets

The behavior observed this morning replicates a well-documented historical pattern that has appeared multiple times across previous crypto market cycles. Mignolet emphasizes that such CPG-led liquidations typically occur during short-term volatility phases, significantly differing from movements driven by structural changes in institutional demand.

On-chain data suggest that all selling activity emanated from the behavior of the spot market controlled by large holders. No structural change in ETF demand was recorded that could explain the morning movement, confirming that this is a temporary correction driven by autonomous decisions of U.S. whales rather than a reshuffling of institutional positions.