Willy Woo: The Slow Rise of Bitcoin This Cycle Is Due to Selling Pressure from Ancient Whales, Market Needs to Absorb Tokens with 10,000x Returns

According to ChainCatcher, crypto analyst Willy Woo tweeted, "Why is Bitcoin rising so slowly in this cycle? The majority of Bitcoin's supply is concentrated in the hands of ancient whales, who reached their peak holdings around 2011. At that time, the purchase price of Bitcoin was $10 or even lower. Now, for every 1 BTC they sell, the market needs over $110,000 in new capital to absorb it.

This difference in cost basis, the amount of supply they hold, and the speed at which they sell all have a profound impact on how much new capital is required to drive prices higher. You can think of this as Bitcoin going through growing pains, which will continue until these investors—who have already made 10,000-fold returns—are fully absorbed by the market."