Analyst: ETF Inflows Providing Buy-side Support for Bitcoin, Recent Sell-off Primarily from Short-term Holders

On November 26th, as reported by The Block, Timothy Misir, the director of BRN Research, stated that ETF inflows have offered the first significant buying support in the past few days, enabling Bitcoin to remain within the fragile accumulation range of $84,000 to $90,000. “Inflows have started to provide support, but they are not yet regarded as having a decisive impact,” Misir said. He pointed out that the on-chain pressure remains high, with approximately one-third of the Bitcoin supply still in a loss position. “Long-term holders and institutions are still selectively accumulating, while the recent selling pressure mainly comes from short-term holders.” In addition, Misir also mentioned that the macro signals remain complex—including the U.S. Producer Price Index (PPI) meeting expectations—keeping the Fed's policy path still uncertain. “Inflation data has not forced the Fed to accelerate rate cuts or maintain a hawkish stance. The market must price in the possibility of two directions this week,” Misir said.