CryptoQuant: Bitcoin’s Morning Drop Driven by U.S. Whales, Not ETFs

CryptoQuant analyst Mignolet said the sharp Bitcoin pullback earlier today was driven by selling pressure from U.S.-based whale wallets, rather than exchange-traded funds.According to Mignolet, the market recorded one of the strongest Coinbase Premium Gap (CPG) selling signals in recent months, indicating heavy sell activity on U.S.-regulated platforms.He noted that Bitcoin ETFs were not trading at the time of the move, confirming that the sell-off did not originate from ETF flows. Instead, the pressure came from large U.S. whale addresses operating outside the ETF structure.Mignolet added that this type of CPG-led whale selling is a well-known historical pattern, having appeared multiple times in previous market cycles, often during periods of short-term volatility rather than long-term trend reversals.The data suggests the move was driven by spot market behavior from large holders, not a structural shift in institutional ETF demand.