ChainCatcher message, encryption analyst Willy Woo tweeted, "Why is Bitcoin rising so slowly in this cycle? The supply of Bitcoin is mainly concentrated in the hands of ancient whales, who reached their peak holdings around 2011. At that time, the price for buying Bitcoin was at $10 or lower. Now, for every 1 BTC they sell, the market needs over $110,000 in new funds to absorb it.

This difference in cost basis, the supply they hold, and the speed at which they sell has a profound impact on how much new capital is needed to drive up prices. This can be seen as the growing pains Bitcoin is experiencing until these investors, who have already gained 10,000 times returns, are fully absorbed by the market."