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).

According to Glassnode, the regulatory environment for Bitcoin is evolving, impacting investor composition. Developments in derivatives and ETF products are influencing trading strategies and market participation, leading to shifts in digital asset portfolios. Sources indicate that these changes are crucial for traders to adapt to new market conditions and opportunities.