The situation has completely reversed for Bitcoin (BTC) and Ethereum. Although Bitcoin's price saw a brief rise following the moderate speech by FED Chairman Jerome Powell last Friday in Jackson Hole, it experienced a decline over the weekend.
At this point, while Ethereum (ETH) is setting new ATHs, Bitcoin continues its downward trend. Bitcoin has decreased to around $112,600 with a 2.14% drop in the last 24 hours.
Popular analyst Willy Woo, who pointed out Bitcoin's recent slow performance, stated that large whales are responsible for this situation.
In a post from his X account, Willy Woo asked, 'Why is Bitcoin's rise so slow in this cycle?' pointing to ancient whales as the reason for Bitcoin's slow rise.
Woo stated that the reason for Bitcoin's slow rise is the large amount of supply controlled by these whales and that in response to their sales, a significant amount of new capital needs to enter the market for the price to rise.
Woo, who noted that the influx of large amounts of new capital needed to absorb sales at this point is slow, argued that this situation makes price increases difficult.
Woo noted that Bitcoin's supply is concentrated among these whales, and expressed that these whales obtained their BTC for about $10 or less back in 2011.
Woo, who pointed out that now it costs more than $110,000 to buy one BTC, argued that this cost difference slows down BTC accumulation and price increases.
'Why is BTC rising so slowly in this cycle?
The fundamental reason for this is the high amount of capital required to accumulate Bitcoin.
Bitcoin supply is largely controlled by old whales. Back then, they bought Bitcoin for $10 each.
However, now it requires $110,000 per coin to absorb every BTC they sell and to buy these Bitcoins.
Stay tuned for current developments.
