Bitcoin suddenly dropped over 2% in under 10 minutes on Sunday, with crypto investors on X pointing to the actions of one very large Bitcoin holder.
Bitcoin’s oldest whales could be to blame for Bitcoin’s slow price action this cycle, according to Bitcoiner Willy Woo, pointing out that it now takes more than $110,000 of fresh capital to absorb every Bitcoin they sell.
“BTC supply is concentrated around OG whales who peaked their holdings in 2011,” Woo said in an X post on Sunday. “They bought their BTC at $10 or lower.”
“This differential in cost basis, the supply they hold and their rate of selling has profound impacts on how much new capital that needs to come in to lift price,” the OG Bitcoiner said.
