Bitcoin price stuck as OGs are ‘dumping on Wall Street’: Analyst
Long-term Bitcoin holders have been selling to institutions since spot ETFs launched, keeping prices stagnant.
Long-term holder selling pressure has stunted the growth of Bitcoin’s price, despite recent moves from institutions and corporations to buy the asset, according to an analyst.
“People are wondering why Bitcoin has been stuck at $100K so long, despite the institutional FOMO,” said Capriole Investments founder Charles Edwards on Sunday.
He added that this is largely due to Bitcoin (BTC) OGs — long-term holders — who have been “dumping on Wall Street” and “unloading their positions” since the spot Bitcoin exchange-traded funds launched in January 2024.
