Willy Woo: The slow rise of Bitcoin in this cycle is due to the selling pressure from ancient whales, and the market needs to digest the chips with ten-thousandfold returns

ChainCatcher news, crypto analyst Willy Woo tweeted, "Why is Bitcoin's rise in this cycle so slow? The supply of Bitcoin is mainly concentrated in the hands of ancient whales, who peaked in their holdings around 2011. At that time, the price for buying Bitcoin was $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 at which they sell has a profound impact on how much new capital is needed to push prices higher. This can be seen as the growing pains Bitcoin is experiencing until these investors, who have already seen a 10,000x return, are fully absorbed by the market."