Bitcoin’s price is now being dictated by larger groups than U.S. ETFs or MicroStrategy, according to Van Straten.

Since September, both MicroStrategy and U.S.-listed spot ETFs have collectively acquired around 200,000 bitcoin, adding fuel to the recent rally that saw Bitcoin’s price soar from $67,000 to nearly $100,000 following Donald Trump’s November 5 election win. Alongside this surge, bitcoin’s total trade volume has soared past $100 billion.

Data from Checkonchain reveals that bitcoin futures trading volume reached an all-time high of $120 billion on November 17, nearly doubling since the U.S. election. However, futures trade volume has since stabilized at around $100 billion. Similarly, spot trade volume has more than doubled, growing from approximately $6 billion to $12 billion, with U.S.-listed spot bitcoin ETFs now seeing an average daily volume of $4 billion.

Bitcoin remains in a volatile trading range near the $100,000 mark, fluctuating above and below this key level due to strong sell pressure from long-term holders (LTHs), or those holding bitcoin for more than 155 days. Since September, LTHs have sold a total of 843,113 BTC. In contrast, short-term holders (STHs), those holding bitcoin for less than 155 days, have accumulated 1,081,633 BTC, representing an average of 12,432 BTC bought per day, compared to 9,960 BTC sold by LTHs.

MicroStrategy, which holds over 423,650 BTC — about 2% of the total bitcoin supply — has been one of the largest corporate buyers of bitcoin. Additionally, U.S. ETFs now hold more than 1 million BTC. Since September, MicroStrategy has added 197,250 BTC to its holdings, averaging 2,168 BTC per day, while U.S. ETFs have accumulated 205,000 BTC, or roughly 2,253 BTC per day. U.S. ETF holdings have risen from 916,000 BTC to 1.12 million BTC.

For bitcoin to break through and sustain levels above $100,000, long-term holders will need to reduce their selling pressure, or large institutional players will need to step in to absorb the ongoing sales.