Binance News
--
Willy Woo: The slow rise of Bitcoin this cycle is due to the selling pressure from ancient whales, and the market needs to absorb chips with 10,000 times returns
According to BlockBeats, on August 25, crypto analyst Willy Woo tweeted, 'Why is the price of Bitcoin rising so slowly 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 of Bitcoin was around $10 or lower. Now, for every BTC they sell, the market needs over $110,000 in new funds to absorb it.'This difference in cost basis, the amount they hold, and the speed at which they sell have profound implications for how much new funding is needed to push prices higher. This can be seen as the growing pains Bitcoin is experiencing until these investors who have already made 10,000 times returns are fully absorbed by the market.'
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.