According to Eric Balchunas, Bitcoin’s price stability over the past 15 months is largely attributed to increased holdings by ETFs and institutional investors such as Michael Saylor, who have absorbed significant sell-offs (source: Eric Balchunas on Twitter, May 9, 2025). This accumulation by stable holders reduces market volatility, providing a support level for BTC price and making short-term dumps less impactful. For traders, this signals a maturing market structure where large, stable entities play a key role in dampening price swings, potentially influencing both spot and derivatives trading strategies.