Bitcoin ETFs have recorded $190 million in outflows, while Bitcoin itself is trading above $66,000. On-chain analyst Willy Woo has shed light on who is selling BTC, explaining that institutions and ETFs are buying, but OGs (original holders) are selling.

Woo emphasized that total demand and supply are what truly matter, not just ETF flows. He pointed out that OGs have more Bitcoin than all ETFs combined, even ten times more. They sell into every bull market, a pattern as old as the genesis block.

Woo also highlighted the impact of paper Bitcoin, which flooded the market since 2017. This synthetic Bitcoin diverted would-be demand for real Bitcoin, fulfilled by counter traders with dollars to back their bets. In the old days, Bitcoin would go on an exponential run due to limited sellers from OGs and miners. However, the 2022 bear market was dictated by a flood of paper Bitcoin, and the current bull market is influenced by increased paper Bitcoin.

Woo concluded that it's not a good idea to only look at ETF buying. On-chain data, derivatives data, and technical price action all contribute to the demand and supply picture.