Long-term Bitcoin holders have been selling to institutions since spot ETFs launched, keeping prices stagnant.

Long-term holder selling pressure has stunted the growth of Bitcoin's price, despite recent moves from institutions and corporations to buy the asset, according to an analyst. 

“People are wondering why Bitcoin has been stuck at $100K so long, despite the institutional FOMO,” said Capriole Investments founder Charles Edwards on Sunday. 

He added that this is largely due to Bitcoin 

 OGs — long-term holders — who have been “dumping on Wall Street” and “unloading their positions” since the spot Bitcoin exchange-traded funds launched in January 2024. 

Edwards shared a chart showing Bitcoin holder growth rates, with the six-month holder cohort surging, representing the new wave of BTC treasury companies. 

“The amount of BTC acquired in the last two months by this cohort has completely consumed all of the BTC unloaded by LTHs over the last 1.5 years.”