Despite a sharp pullback in crypto prices, Bitcoin (CRYPTO: BTC) ETF investors have largely held their positions, signaling stronger conviction than many expected.

‘ETF Buyers Are Just HODLing’

In a post on X on Wednesday, Bloomberg ETF analyst Eric Balchunas noted that even after Bitcoin’s roughly 40% drawdown, about 94% of assets in spot Bitcoin ETFs remain invested.

The comment followed a discussion suggesting that recent selling pressure has come primarily from long-term OG whales rather than ETF holders, who appear to be “just HODLing.”

Jim Bianco of Bianco Research added context, pointing out that the average Bitcoin ETF investor is now roughly 24% underwater, with unrealized…

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