Bitcoin continues to be the market leader. However, despite significant developments, such as the introduction of spot Bitcoin Exchange-Traded Funds (ETFs), the anticipated price surge to $100,000 remains ‘unrealized.’ Charles Edwards, founder of Capriole Investments, commented on this and took to Elon Musk’s social media platform X to explain the hurdles preventing Bitcoin from achieving this milestone. Related Reading: Is $100K Bitcoin Inevitable? This Expert Say ‘Yes’—Find Out When Examining Bitcoin’s Stagnation Below $100k According to Edwards, one of the primary factors is the sale of Bitcoin by long-term holders. His analysis shows a decline in wallets holding Bitcoin for over two years, from an all-time high of 57% in December 2023 to 54%. Although this 3% drop might seem minor, it represents about 630,000 BTC—far exceeding the quantity purchased by US Bitcoin ETFs since January. This sell-off by long-standing investors is exerting downward pressure on the price. Edwards also pointed out that the market has yet to fully feel the impact of Bitcoin’s halving event in April, which reduced the daily issuance of Bitcoin by 50%. We haven’t seen th ..
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