Selling pressure from long-term holders is seen as the main factor holding back Bitcoin’s price rise, despite active buying from large institutions.
Charles Edwards, founder of Capriole Investments, said many are wondering why Bitcoin is still stuck around $100,000 despite the ‘FOMO’ among institutions.
This phenomenon is due to long-term Bitcoin (OG) holders starting to sell their assets on Wall Street and release their holdings since the launch of the Bitcoin spot ETF in January 2024.
Edwards also shared a chart showing the rapid growth in new holders with a massive influx from companies and institutions that hold Bitcoin in their treasury portfolios.
Bitcoin’s price has remained in a narrow range since breaking through the six-figure mark for the second time this year in early May. So far, the asset has oscillated between $102,000 and $110,000, with only a few spikes and short dips outside that range.
Despite the flat price action, institutional interest remains strong. Spot Bitcoin ETFs in the United States have seen inflows of over $3.2 billion in the past two weeks.
Meanwhile, the number of companies holding Bitcoin in their treasuries continues to grow each week.
As of Monday, Bitcoin was trading up 1.2%, touching a two-week high at $108,750.
