Charles Edwards, CEO of cryptocurrency analysis company Capriole Investments, made remarkable statements about the stagnation in the Bitcoin price and recent market dynamics. According to Edwards, the reason Bitcoin is stuck at $100,000 levels despite the interest (FOMO) from institutional investors is due to selling pressure from long-term investors. Edwards stated that since the spot ETF launch in January 2024, long-term Bitcoin holders (LTH) have been selling to Wall Street and liquidating their positions. Stating that this situation is reflected in the media in different ways, Edwards argued that the real reason is these sales. The CEO recalled a prediction he made in April, saying that companies holding Bitcoin treasury would create a “flywheel” effect, triggering a massive buying wave in the market and pushing the ETF narrative to the background. Edwards said that this effect is now clearly visible and many new companies are joining this trend. Related News: Latest Report on Cryptocurrency Owners in South Korea Released - Major Changes Are Underway, Here Are the Trends Examining on-chain data, Edwards explained that there has been a huge increase in the number of investors holding BTC for more than 6 months in the last two months, and that the purchases made by this group more than covered all the BTC sold by LTHs in the last 1.5 years. He evaluated this situation as “incredible.” Edwards also stated that such aggressive increases are usually followed by price squeezes, which is a short-term bullish sign. However, Edwards noted that there is still some weakness in the general on-chain data, and stated that recovery is possible if this buying momentum continues: “Can Treasury companies continue this rapid pace of buying? I think this cycle is just beginning. If aggressive buying by investors with a 6-month holding continues, the market could overcome this weakness.” *This is not investment advice. Continue Reading: Why is Bitcoin Stuck at $100,000 and Not Rising? Analyst Explains the Real Reason
