Bitcoin Stalls Above $100K as Long-Term Holders Sell Into Institutional Demand

Bitcoin’s Price Struggles to Break Out Amid Strategic Selling by Long-Term Holders

Bitcoin’s recent struggle to climb beyond the $108,000 mark isn’t due to a lack of institutional interest—but rather because long-term holders are strategically offloading their positions, according to Capriole Investments founder Charles Edwards.

“People are wondering why Bitcoin has been stuck at $100K so long, despite the institutional FOMO,” Edwards said in a June 29 post. “It’s because Bitcoin OGs are dumping on Wall Street.”

Since the launch of spot Bitcoin exchange-traded funds (ETFs) in January 2024, early holders—often referred to as “OGs”—have reportedly taken advantage of high liquidity to exit or trim their positions.

New Wave of Buyers Offsets Veteran Sellers

Edwards highlighted a notable rise in six-month holder activity, pointing to corporate treasuries and ETF inflows as a key driver of new demand.

“The amount of BTC acquired in the last two months by this cohort has completely consumed all of the BTC unloaded by long-term holders over the last 1.5 years,” he explained.

This shift indicates that institutions are soaking up the sell pressure—just not fast enough to push prices significantly higher in the short term.

Six-month holder group absorbs long-term holder group supply. Source: Charles Edwards

Related: Bitcoin Traders Divided: $94K Dip or $114K Breakout Next for BTC?

Corporate Bitcoin Treasuries Gaining Momentum

A growing number of businesses are now adding Bitcoin to their balance sheets. Recent entrants include:

• Cardone Capital, a real estate investment firm

• ProCap, the venture firm founded by Anthony Pompliano, which plans to go public

• Panther Metals, a mineral exploration company

• Green Minerals, a Norwegian deep-sea mining firm

Edwards believes these additions could trigger a “flywheel effect”, where corporate adoption gains self-sustaining momentum.

“We’ve clearly entered the heat of that today, as many copycats have entered the market,” he added.

Macroeconomic Uncertainty Sparks Caution Among Traders

Short-term traders, meanwhile, are playing defense. Jeff Mei, COO at crypto exchange BTSE, noted that market participants are hedging ahead of the July 9 tariff deadline, fearing unresolved trade disputes could impact risk assets like Bitcoin.

“They’re hedging against a plunge in market prices in case trade talks go south,” Mei told Cointelegraph.

Han Xu of HashKey Capital echoed this sentiment, saying that investors are closely watching updates on U.S. trade deals and Trump’s budget bill—two key risk events that could delay any continuation of Bitcoin’s bullish trend.

“Any surprises could trigger a sell-off,” Xu warned.

BTC Range-Bound Despite Record ETF Inflows

Since briefly surpassing six figures for the second time this year in May, Bitcoin has been locked in a tight trading range between $102,000 and $110,000. Despite several attempts, the asset has yet to break convincingly above resistance at $108,750.

At the time of writing, BTC is trading up 1.2% on the day, having tapped its highest level in two weeks earlier on Monday.

Interestingly, while price action remains muted, U.S. spot Bitcoin ETFs have seen over $3.2 billion in net inflows in the past two weeks—with no outflow days reported.

Conclusion: New Demand Meets Old Resistance

Bitcoin’s sideways movement masks a deeper structural transition in market participants. Veteran holders are exiting, while institutions and corporates are accumulating. Until this generational handover fully plays out—and macro risks subside—the world’s largest cryptocurrency may continue trading in a tight range.

But once the dust settles, the combination of treasury adoption, ETF demand, and limited supply could set the stage for Bitcoin’s next breakout.

Related: Bitcoin ETF Outflows Surge as Truth Social Enters Market