Recent analysis suggests that the recent Bitcoin (BTC) correction is primarily due to internal factors like whale selling, rather than significant ETF outflows. Bloomberg ETF analyst Eric Balchunas noted that net outflows from US Bitcoin spot ETFs were minimal, less than 0.5% of their assets under management, during the period of BTC weakness. Balchunas suggests that long-term holders and large "whale" entities are the more significant drivers of the price drop. CryptoQuant data supports this, indicating that long-term BTC holders (over 155 days) sold approximately 405,000 BTC, valued at over $41.3 billion, during the correction. This indicates that internal market dynamics, such as profit-taking by early investors and large holders rebalancing their portfolios, are playing a larger role in Bitcoin's price fluctuations than ETF activity. While ETFs contribute to overall demand, their impact on short-term volatility appears to be less pronounced. ```