Why is Bitcoin's current rise so slow? BTC supply is concentrated around whales, whose holdings peaked in 2011 (orange and dark orange). They purchased BTC at $10 or lower. Every BTC they sell requires over $110,000 in new capital to absorb.

The differences in cost basis, the amount held, and the sales rate have a profound impact on how much new capital is needed to raise prices. You can see this as BTC experiencing growing pains until these 10,000x return investors are absorbed.

This is also why recently whales have started to frequently exchange hands, pushing down previous gains; the market needs sufficient chip exchange. However, this will be an inevitable path for any mature asset, just like the sands being filtered by the waves. #比特币巨鲸换仓以太坊