Bitwise CEO Defends Spot Bitcoin ETFs Following Criticism They Are Responsible for the BTC Selling Pressure

This comes amid the Bitcoin ETFs closing in on Satoshi Nakamoto's 1.1 million BTC holdings after witnessing three consecutive weeks of inflows.

Hunter Horsley, the CEO of Bitwise, has come to the defense of spot Bitcoin ETFs in the face of claims that these funds are to blame for the selling pressure that has kept the flagship cryptocurrency below its current all-time high (ATH). This news comes as the Bitcoin ETFs close in on Satoshi Nakamoto's 1.1 million BTC holdings following three consecutive weeks of inflows.

According to the Bitwise CEO, these funds are not responsible for the selling, despite claims from the crypto community that they may be to blame for why the flagship crypto has yet to reach a new ATH, while other assets, such as the stock markets and gold, have reached new highs.

Horsley's statement was made as he highlighted the fact that the Bitcoin ETFs are now close to holding a million BTC in assets under management (AUM). He claimed that the fact that the price is not higher, despite this, indicates that there is a "pocket of existing holder selling."

Horsley went on to say that no one wants to talk about the Bitcoin selling pressure, but it's not coming from the ETFs. Bloomberg analyst Eric Balchunas also expressed a view that is consistent with that of the Bitwise CEO, suggesting that the Bitcoin ETFs are not to blame for the selling pressure that is keeping the Bitcoin price down.

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