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Willy Woo: Slow Bitcoin Growth in Current Cycle Due to Ancient Whales' Selling Pressure, Market Needs to Digest Massive Profits
Summary: Cryptocurrency analyst Willy Woo pointed out that the slow growth of Bitcoin in this cycle is due to the selling pressure from ancient whales, who reached their peak holdings around 2011 when they bought Bitcoin at $10 or lower. Now, for every BTC they sell, the market needs over $110,000 in new funds to absorb. ...
Cryptocurrency analyst Willy Woo pointed out that the slow growth of Bitcoin in this cycle is due to the selling pressure from ancient whales, who reached their peak holdings around 2011 when they bought Bitcoin at $10 or lower. Now, for every BTC they sell, the market needs over $110,000 in new funds to absorb. The difference in cost basis, their supply holdings, and selling speed have a profound impact on how much new capital is needed to drive up prices. This can be seen as the growing pains Bitcoin is currently experiencing, until these investors who have already gained 10,000 times profits are fully absorbed by the market.
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Link: Willy Woo: Slow Bitcoin Growth in Current Cycle Due to Ancient Whales' Selling Pressure, Market Needs to Digest Massive Profits [Copy]
