According to @Excellion, the latest Bitcoin sell-off was led by buyers from the past 12–18 months in spot and ETF markets who are taking 20%–30% fiat gains. Source: @Excellion (X, Nov 10, 2025) He adds that these sellers were influenced by news about a 2025 cycle peak and reports of OG holders selling, prompting them to exit. Source: @Excellion (X, Nov 10, 2025) He states this cohort is now largely depleted, with higher-conviction HODLers absorbing supply, which he views as a positive market development. Source: @Excellion (X, Nov 10, 2025) He also stated that 2026 could be a strong year and advised planning accordingly. Source: @Excellion (X, Nov 10, 2025)

According to @adam3us, ETF buyers are good Bitcoin investors and represent the current cycle HODLers, implying a holder-dominated cohort among ETF participants in this phase (source: Adam Back on X, Nov 8, 2025). He characterizes ETF participation as long-term oriented rather than short-term trading during the current market cycle (source: Adam Back on X, Nov 8, 2025).