Bloomberg analyst says BTC may rebound if long-term holders refrain from selling

Bloomberg ETF analyst Eric Balchunas said Bitcoin is likely to rebound if early holders, or OGs, refrain from selling. In a post on X, Balchunas said OGs had weighed on Bitcoin’s price gains over the past nine months, while BTC has risen 8% since July 4 and has outperformed other major assets. He added that spot ETFs saw $750 million in net inflows over the past week. Balchunas said it is hard to believe this rally is a "real rebound," but also hard to imagine Bitcoin never rebounding at some point, adding that the market will ultimately need to wait and see.