The situation reversed for Bitcoin (BTC) and Ethereum. The price of Bitcoin experienced a brief surge following Fed Chair Jerome Powell’s subdued speech in Jackson Hole last Friday, but then fell over the weekend.
At this point, Ethereum (ETH) is hitting new ATHs, while Bitcoin continues its downtrend. Bitcoin has fallen 2.14% in the last 24 hours to $112,600.
Pointing out Bitcoin’s recent slow performance, popular analyst Willy Woo said that big whales are responsible for this situation.
Willy Woo, who asked in his post from the X account, “Why is Bitcoin’s rise so slow in this cycle?”, pointed to ancient Whales as the reason for Bitcoin’s slow rise.
Woo said the reason for Bitcoin’s slow rise is that these whales control a large amount of supply, and in response to their selling, a large amount of new capital needs to enter the market for the price to rise.
Woo argued that the large amount of new capital needed to absorb sales is slow to enter the market, making it difficult to increase prices.
Stating that the Bitcoin supply is concentrated in these whales, Woo stated that these whales bought the BTCs in their hands for about $10 or less in 2011.
Pointing out that buying one BTC now requires more than $110,000, Woo argued that this difference in cost slows down BTC accumulation and price increases.
“Why is BTC rising so slowly this cycle?
The main reason for this is the high amount of capital required to accumulate Bitcoin.
The Bitcoin supply is largely controlled by ex-whales, who bought Bitcoin at $10 apiece back then.
But now it takes $110,000 per coin to absorb every BTC they sell and buy those Bitcoins.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/bitcoin-btc-starts-the-new-week-with-a-drop-willy-woo-interprets-the-drop-from-a-different-perspective-reveals-whos-responsible/