Bitcoin's recent price drop to $92,774 is primarily attributed to long-term holders, or hodlers, rather than institutional investors or exchange-traded funds (ETFs). The cryptocurrency fell over 5.6% within a day, notably after reaching a historic high of over $99,000 on November 22. Bloomberg analyst Eric Balchunas highlighted that despite substantial purchases by prominent figures like Michael Saylor, Bitcoin's price did not rise, suggesting that the sell pressure is originating from within the long-term holder community. Analysis shows that long-term holders sold 128,000 BTC, but U.S. spot ETFs managed to absorb 90% of this selling pressure, indicating strong institutional demand is still propelling Bitcoin closer to the $100K mark. Despite the correction, experts believe it may lead to a more sustainable rally, especially as leverage levels in the crypto market remain high. Bitcoin's estimated leverage ratio across exchanges has hit a peak not seen since August 2023, prompting discussions about further potential price movements ahead.

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