Charles Edwards, CEO of the cryptocurrency analysis firm Capriole Investments, made important assessments regarding the stagnation of Bitcoin prices and the current market conditions.

According to Edwards, despite the intense interest of institutional investors (FOMO), the main reason Bitcoin is stuck around $100,000 is due to long-term investors selling.

The CEO stated that since the spot ETF launch in January 2024, long-term Bitcoin holders (LTH) have been selling on the Wall Street side and closing their positions. While this situation has been interpreted in various ways in the media, Edwards emphasized that the real reason is this selling pressure.

Referring to a forecast shared in April, Edwards stated that companies holding Bitcoin reserves would create a 'flywheel' effect in the market, initiating a large wave of purchases, and that the importance of the ETF story would diminish. He now reported that this effect has clearly emerged and that many new firms have joined this trend.

In light of on-chain data, Edwards stated that he observed a significant increase in the number of investors holding Bitcoin for more than six months over the past two months. He noted that the purchases made by this group of investors have more than compensated for all the Bitcoin sold by LTHs in the past 1.5 years and described the situation as 'surprising'.

Edwards also stated that after such rapid and aggressive buying increases, price consolidation usually occurs, and this is a bullish signal in the short term. However, noting that there are still some weaknesses in the overall on-chain data, Edwards expressed that a recovery would be possible if this buying pace continues.

"Will treasury companies be able to sustain this rapid buying process? I think this market cycle is still in its early stages. As long as the aggressive purchases of long-term investors continue, the market can overcome its current weakness."

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