BlockBeats news, on August 25, crypto analyst Willy Woo tweeted, “Why is Bitcoin rising so slowly this cycle? The supply of Bitcoin is mainly concentrated in the hands of ancient Whales, who reached their peak holding around 2011. At that time, the price of Bitcoin was bought at $10 or lower. Now, every time they sell 1 BTC, the market needs over $110,000 in new funds to absorb it. This difference in cost basis, the amount they hold, and the speed of selling have a profound impact on how much new funding is needed to push prices up. This can be seen as the growing pains that Bitcoin is experiencing until these investors, who have already made 10,000 times their profit, are fully absorbed by the market.”
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