TL;DR

Institutional demand for Bitcoin continues to rise, driven by new treasury acquisitions and spot ETF inflows surpassing $3.2 billion in two weeks.
However, long-time Bitcoin holders are realizing profits, causing sustained selling pressure.
Despite strong buying activity, Bitcoin remains range-bound near $108,000 as macroeconomic uncertainty and short-term risk strategies dominate trader behavior.

Despite a growing number of corporations entering the Bitcoin market, long-term holders—often referred to as “OGs”—have been offloading large positions since the approval of spot Bitcoin ETFs in early 2024. Charles Edwards, founder of Capriole Investments, attributes Bitcoin’s stagnant price near $108,000 to this prolonged selling behavior. He points to data showing that newly formed treasury accounts are aggressively accumulating BTC, offsetting the sell pressure created by these older holders.

This trend is illustrated by the rising number of six-month holders, a cohort associated with corporate buyers and newer investors. According to Edwards, their recent accumulation in just two months matches the total BTC sold by long-term holders over the past 18 months. The implication is that institutional demand is strong, but being absorbed rather than creating significant upward price momentum.

Meanwhile, smaller retail investors appear cautious, showing reduced on-chain activity compared to earlier bull cycles. This suggests that confidence among non-institutional buyers may still be developing, particularly in light of uncertain regulatory signals from key jurisdictions.

Strong Demand But Stuck Price Action

Bitcoin has largely remained between $102,000 and $110,000 since early May, despite brief rallies and dips. Spot ETFs have posted consistent inflows without a single day of net outflows in the past fortnight, indicating a robust appetite from institutional players. New entrants such as Cardone Capital, Panther Metals, and Green Minerals have publicly disclosed their Bitcoin treasury strategies.

However, Jeff Mei, COO at BTSE, believes short-term traders are currently taking profits ahead of potential geopolitical disruptions, including the July 9 tariff decision. These defensive positions are limiting upward volatility. Similarly, Han Xu from HashKey Capital warns that pending U.S. economic data and developments on Trump’s budget plan could act as either catalysts or roadblocks for the next move.

Market Eyes July for Clarity

Until the macroeconomic picture clears, Bitcoin is likely to remain in a consolidation phase. Yet with more listed companies accumulating Bitcoin and institutional appetite remaining high, analysts suggest a solid foundation is being laid for a potential breakout in the coming months. Veteran sellers may have suppressed price action, but the inflow of new, long-term holders continues to build momentum below the surface.

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Filed under: News - @ June 30, 2025 1:28 pm