Bitcoin Freezes Over $100,000 As OG Whales ‘Dump On Wall Street’: Expert
Bitcoin remains above $100,000, driven by complex factors beyond institutional FOMO and ETF excitement. Analysts indicate a rotation where long-term holders are selling while corporate treasuries and institutional buyers are accumulating. Charles Edwards noted that long-term holders have been offloading Bitcoin since the ETF launch in January 2024, with a significant increase in six-month-plus holders acquiring BTC. This trend has historically led to price increases, though broader on-chain data indicates ongoing fragility. Mauricio Di Bartolomeo suggested that the selling by long-term holders may be linked to buying ETFs or treasury companies. TXMC highlighted that Bitcoin's price is influenced by fragmented market structures and OTC transactions, which do not impact prices directly. The ability of corporate treasuries and ETF managers to absorb Bitcoin from early holders remains uncertain, but historical patterns suggest upcoming volatility. As of now, Bitcoin is priced at $108,044.
