Since the beginning of July, Bitcoin’s price has been stuck in a narrow range, while stocks, gold, real estate, and commodities like silver have surged to new heights. The puzzling question is why Bitcoin isn’t keeping pace with these other major assets.
Recent on-chain data reveals that large holders of over one hundred bitcoins have started moving significant amounts after being dormant for years. Historically, such activity has coincided with market peaks or periods of increased BTC volatility. This behavior indicates that some long-term Bitcoin investors might be cashing out profits or shifting their positions.
The current wave of transfers is notable but smaller compared to the total circulating supply than what was observed during previous peaks. Additionally, fewer unique whales are selling now; this suggests that the selling pressure is concentrated among a select few rather than widespread across all long-term holders.
Even as whales offload their holdings, consistent inflows into ETFs and treasury allocations continue to absorb the available supply. This equilibrium explains why BTC’s price hasn’t plummeted despite increased whale activity. The market seems caught in a tug-of-war between veteran holders exiting and institutional interest stepping up.
Bitcoin remains locked within a narrow band as supply meets demand evenly. Should equities and commodities remain at elevated levels for an extended period, capital may shift towards BTC as its next target—potentially sparking a breakout move. Currently, Bitcoin’s steady price reflects an unusual balance between whale distribution and institutional accumulation—poised for its next significant shift.
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Please note: This article serves informational purposes only and should not be interpreted as financial advice. Always conduct your own research before making any investment decisions.
This article titled “The Real Reason The Bitcoin Price Can’t Go Higher” was originally published on Bitcoin Magazine by Matt Crosby.