💰 #BTC Willy Woo: The reason for Bitcoin’s slow growth in this cycle is that BTC supply is concentrated among large whales who reached the peak of their holdings back in 2011 (orange and dark orange). They bought BTC at $10 or less. To absorb each BTC they sell now requires over $110,000 of new capital. This significant difference in cost basis, supply concentration, and selling pace greatly affects how much new capital is needed to drive the price up.
