Willy Woo: Bitcoin's slow uptrend this cycle is due to ancient whale selling pressure, and the market needs to absorb chips with a thousandfold return.
BlockBeats News, August 25th, Cryptocurrency analyst Willy Woo tweeted, "Why is Bitcoin's price appreciation so slow this cycle? Bitcoin's supply is heavily tilted towards ancient whales who peaked in holdings around 2011. They bought Bitcoin mostly at $10 or lower. Today for every BTC they sell, the market needs over $110,000 in fresh capital to soak it up."
"This cost basis delta, their supply on hand, and the speed at which they are selling has profound implications on how much new capital is needed to move the price up. This can be seen as growing pains for Bitcoin until these early 10,000X gainers are fully absorbed by the market."
You may also like
Gainers
Latest Crypto News
「BNB Version of MicroStrategy」 BNC's price has dropped over 92% from its all-time high, currently trading at $5.97
A whale spent 5.1 million USDC to purchase 17.76 million ENA.
Arthur Hayes: Expects Price Discovery for America's Largest Tech Stocks to Occur on the Perpetual Futures Market
Crypto Fear & Greed Index rises to 25, market remains in "Extreme Fear"
Current mainstream CEX, DEX funding rate data displays that the market continues to remain predominantly bearish.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:[email protected]
VIP Services:[email protected]