Analysis: Spot Bitcoin ETFs absorb most BTC selling by long-term holders

James Check (@_Checkmatey_), a lead analyst at on-chain analytics firm Glassnode, wrote on X that spot Bitcoin ETFs have absorbed almost all of the BTC selling by long-term holders. Meanwhile, open interest on the Chicago Mercantile Exchange (CME) has not seen a significant increase, indicating that this is a spot-driven rally, according to the analyst.