Why is BTC price not moving despite billions of ETF inflows?

We have again started to see a downward trend in the price of Bitcoin for the last two days. Bitcoin price has taken a pretty good dump over the past two days. But US-based spot bitcoin exchange-traded funds (ETFs) have largely traded lower, rather than higher, after a record 19-day high. As the price of Bitcoin rose, many thought that the price of Bitcoin could surpass the all-time high of $73,679 set in March. However, Bitcoin has once again failed to surpass its peak price.

Bitcoin ETFs caused a stir. Spot bitcoin ETFs around the world held a fixed portion of the circulating supply of about 1.3 million bitcoins. This amount is about 5 percent above. A large portion of which was held by US listed ETFs. But currently if we look at the market we can assume that many other factors influence the price but ETFs do not have enough influence. But while these kinds of Bitcoin ETF flows have created quite a stir, they've been great, but they haven't become strong enough to overtake the entire ecosystem's sell-off.

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Currently if we look at the crypto market we can easily understand that the market consists of spot, futures, ETFs and options. They have created a lot of buzz since the beginning of this year and that is why they have become important in the digital currency market and to many investors, but the price of BTC is more influenced by macroeconomic factors and geopolitical events. One such important point is that Bitcoin ETF net inflows so far have totaled close to $217.7 million.

However, after much discussion and criticism, Bitcoin ETFs were approved by the US Securities and Exchange Commission earlier this year. Since their launch, spot bitcoin ETFs have seen over $15.5 billion in inflows. We even saw the Bitcoin price peak last March. However some traders believe the volume is still too low to significantly impact prices until other markets open. But another important thing we should note is that there are no spot bitcoin ETFs in the UK or Japan yet. Which are basically the two main markets for cryptocurrencies.

But in the nearly three months since bitcoin prices soared to record highs after the U.S. Securities and Exchange Commission approved a bitcoin ETF, it has failed to rally further, trading mainly between its highs and $60,000 support levels. Higher average ETF buying, reduced selling by long-term holders, increased liquidity in the US or globally is largely dependent on the three factors mentioned above. Selling by long-term holders is a significant factor. If we look closely at the market, we can see that many people are selling Bitcoins. Especially those who have held Bitcoin for more than two years have been selling more frequently this year. Especially those who bought bitcoins a long time ago are now selling because they have a nice profit. So many people are enjoying this profit. This group's share of total bitcoin supply has fallen slightly over the past six months to 54%, according to Edwards, which has had a bigger impact on bitcoin than it might seem.