Visible buying from spot bitcoin ETPs and corporates has not translated into decisive upside, leaving traders to ask a blunt question: who is supplying the market? For Chris Kuiper, CFA, vice president of research at Fidelity Digital Assets, the answer is clear. “ ‘Who is selling?’ is the number one question I’ve been getting regarding bitcoin’s continued price pressure against a backdrop of visible buying,” he wrote on X on November 12. “I’m not unique in suggesting it’s the long-term holders (or HODLers). ” Kuiper points to a simple but powerful on-chain gauge: the percentage of outstanding bitcoin that has not moved for at least one year
source: https://www.newsbtc.com/bitcoin-news/whos-selling-bitcoin-fidelity-research-boss/