Why Is Bitcoin Moving So Slowly This Cycle?

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OG whales are behind Bitcoin’s sluggish climb, says Woo, as their 10,000x gains demand immense capital absorption per BTC sold.

Bitcoin’s current upward movement feels unusually slow compared to past cycles. Experts attribute the current sluggishness in the market to the OG whales.

Willy Woo, for one, believes this cohort of early investors has slowed BTC’s growth, as the market struggles to absorb their massive profit-taking.

Bitcoin’s Sluggish Uptrend
In his latest post, prominent on-chain analyst Willy Woo explained that a significant portion of BTC supply is concentrated in the hands of early whales who accumulated heavily around 2011, when Bitcoin was trading at $10 or less.

These long-term holders are now sitting on massive unrealized gains, and whenever they sell, the market requires significant new capital inflows – over $110,000 for each BTC – to absorb their sales without driving prices down.

This creates resistance in price appreciation, as the market must constantly counterbalance the selling pressure from these original whales, making Bitcoin’s climb slower and more gradual in this cycle.


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