Despite growing institutional interest and bullish sentiment across the market, Bitcoin’s price has been unable to break past the $100,000 mark. What’s holding it back?

Charles Edwards, CEO of the analytics firm Capriole Investments, has identified a key factor limiting Bitcoin’s upward momentum. According to him, it’s not a lack of demand, but rather an issue on the supply side.

🔻 Long-Term Holders Are Selling – Just As Wall Street Is Buying

Edwards noted that since the launch of the spot Bitcoin ETF in January 2024, there’s been a significant shift: long-term holders (LTHs), who have held BTC for years, have begun selling. These seasoned investors are taking profits right as institutional interest surges.

While the media has floated many theories for Bitcoin’s stagnation, Edwards firmly believes that the massive outflow of coins from veteran holders to institutions is the primary factor keeping prices flat.

🏛️ A New Force: Bitcoin-Backed Sovereign Bonds

Back in April, Edwards predicted that a new narrative would overtake the ETF hype: companies and nations issuing sovereign bonds backed by Bitcoin. This so-called "flywheel effect", he argued, would unleash a wave of institutional buying and shift the market dynamic entirely.

According to Edwards, this prediction is now playing out. Fresh capital is entering Bitcoin through new companies leveraging BTC as collateral for strategic debt instruments. This signals a structural evolution in how Bitcoin is perceived and utilized at the highest levels of finance.




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