"Count actual sell-side pressure, not just inflow headlines James points out that despite spectacular ETF inflow headlines in 2024, 'the spot sell-side pressure just dwarfs anything we've seen' because long-term holders and OGs were distributing into the 100K milestone. This is why there was no sustained market expansion even with record institutional demand. Before concluding that new capital is driving prices higher, investors should check whether legacy holders are simultaneously selling into that demand — net flow, not gross inflow, is what matters. Source: James Van Stratten, The Bitcoin Layer, Bitcoin Markets Analysis"