Yigit Taha OZTURK 
Despite a surge in institutional interest since the approval of the first spot Bitcoin ETFs in January 2024, the price of Bitcoin has barely moved. Investors are puzzled—but analysts believe there’s a clear reason behind the stagnation.
According to Capriole Investments founder Charles Edwards, long-term holders—known in crypto circles as “OGs”—have been systematically selling their BTC holdings to institutions. “They’re dumping on Wall Street,” Edwards said, explaining the persistent selling pressure.
New Cohorts Absorb the Sell-Off
Edwards highlighted that the six-month BTC holder group has absorbed nearly all of the supply sold by long-term holders over the last 18 months. This new cohort includes recent corporate entrants like Cardone Capital, ProCap (which is going public), Panther Metals, and Green Minerals.
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He believes these firms will spark a “massive Bitcoin treasury flywheel,” eventually overtaking the ETF narrative as more companies jump in to accumulate BTC.
Short-Term Caution Ahead of Economic Triggers
Meanwhile, BTSE’s Jeff Mei noted that traders are locking in profits ahead of the July 9 tariff deadline, fearing unresolved trade tensions. He added that more public companies are starting to accumulate Bitcoin, though their impact may take time to materialize.
Han Xu from HashKey Capital pointed out that macroeconomic risks—such as tariff negotiations and budget legislation in the U.S.—are making investors cautious. Any unexpected developments “could trigger a sell-off,” he warned.
Despite these concerns, Bitcoin remains in a tight trading range between $102,000 and $110,000. On Monday, BTC briefly touched $108,750—its highest in two weeks—but failed to break resistance.
Notably, U.S. spot Bitcoin ETFs have seen over $3.2 billion in inflows in the past two weeks, with zero outflow days, and more Bitcoin treasury firms are appearing each week.
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