Analyst: BTC's recent moves are tax-driven trades, not sentiment

Recent Bitcoin price movements appear to be heartbeat trades, which are unrelated to actual investor sentiment, according to Bloomberg ETF analyst Eric Balchunas. The term refers to an abnormal trading pattern driven by short-term objectives like tax savings, so named because the resulting price action resembles a heartbeat. This activity often occurs when ETF managers conduct large-scale transactions to avoid capital gains taxes during asset rebalancing.