Here’s expert views on what’s keeping BTC from breaking above $111K.

• Selling pressure from long-term holders and whales has kept BTC muted above $100K. 
• Still, VC Chamath Palihapitiya boldly projected BTC could hit $500K by October.  

Is Bitcoin [BTC] price being suppressed?

This has been the question across Crypto Twitter as members struggle to grasp how the price has remained range-bound at $100K-$110K despite massive ETF inflows and treasury frenzy. 

In Q2 alone, ETF inflows surged to nearly $11 billion while Metaplanet, Strategy, Twenty One Capital, and other treasury firms announced millions and billions worth of BTC buys.  

In fact, last week alone, ETFs bought 20.7K BTC or about 12.6% of the annual new Bitcoin (mined) supply.

But what do other on-chain data say about the divergence between this high demand and price?