Despite strong institutional demand and consistent inflows, Bitcoin has struggled to break above the $100,000 level in recent weeks, prompting speculation about the cause of the price stagnation.
Charles Edwards, founder of Capriole Investments, attributes the sideways movement to a major transition between long-term holders and incoming institutional investors.
According to Edwards, many veteran Bitcoin holders—the so-called “OGs”—have been selling off their assets since the launch of spot exchange-traded funds (ETFs) in January, offloading large amounts to Wall Street buyers.
“People are wondering why Bitcoin has been stuck at $100K for so long,” Edwards posted on X on June 29. “It’s because Bitcoin OGs have been dumping on Wall Street since the ETF launch.”
While ETF inflows have remained robust, Edwards noted that much of this demand has been offset by heavy selling from early holders cashing out at high prices. This selling pressure, he said, has played a key role in keeping Bitcoin’s price flat.
Still, the emergence of a new wave of institutional buyers could set the stage for an eventual breakout.
Could Corporate Bitcoin Buying Be the Catalyst?
As long-term holders have been cashing out, a new wave of buyers—corporate treasury allocators—is stepping in, according to Charles Edwards.
In recent months, an increasing number of institutions and even governments have begun accumulating Bitcoin as a strategic reserve asset, signaling a shift toward long-term holding. Edwards describes this change as a “flywheel” effect, where conviction-led buying provides price stability and draws in additional institutional interest.
On-chain data supports this narrative, showing a sharp rise in Bitcoin held for six months or more over the past two months. This group of holders has entered a strong accumulation phase, absorbing more BTC than what was sold by long-term holders over the past 18 months.
The steady rate of accumulation points to rising confidence among newer market entrants. Historically, similar increases in long-term holdings have preceded bullish price moves—suggesting that if the trend continues, Bitcoin could be poised for its next leg up.
