ETF’s still hold over 1.3 million coins.

I believe a lot of the downsides are due to the ETF’s. BTC exchange volume is down due to the ETF’s. Retail could possibly have pivoted to the as well. I’m very unsure if we’re really nearing an end of the cycle with these massive holdings both existing and growing…despite the early October crash.

Link: https://www.bitcoinstrategyplatform.com/etfs