Bitcoin Stalls at $100K: OGs Dumping on Wall Street?

Hold onto your hats, crypto fans! Bitcoin's been stuck in a rut, unable to break past the $100,000 mark despite all the institutional love and cash flowing in. What's the deal?

Charles Edwards, the big brain at Capriole Investments, says it's all about a wild game of musical chairs between the old-school Bitcoin believers and the new Wall Street players.

Get this: since those spot ETFs launched in January, the Bitcoin OGs have been cashing out like there's no tomorrow, dumping their precious coins on the eager suits at Wall Street.

"Everyone's scratching their heads, wondering why Bitcoin's been chilling at $100K," Edwards spilled in a recent X post. "It's simple, folks: the OGs have been unloading on Wall Street ever since the ETFs hit the scene."

Edwards says that while the ETF money's been rolling in, it's been met with a tidal wave of selling from the early adopters looking to cash in on their golden tickets. This flood of supply, he claims, is what's been keeping the price stuck in neutral.

But hold up, there might be a light at the end of this tunnel.

Corporate Bitcoin bid to the rescue?

While the OGs are heading for the exits, Edwards says a whole new crew is stepping up to the plate: corporate treasurers looking to stash some Bitcoin in their vaults.

Over the past few months, we've seen a bunch of companies and even governments around the world starting to treat Bitcoin like their own personal Fort Knox, building up their reserves for the long haul. This shift in the investor lineup is kicking off what Edwards calls a "flywheel" effect - a steady stream of buying that's propping up the price and drawing in even more big players.

The numbers don't lie, either. On-chain data shows that the six-month-and-up Bitcoin hodlers have been piling in like there's no tomorrow over the past couple of months. These newbies are sucking up more BTC than the OGs have been dumping for the past year and a half.

And the best part? This buying spree shows no signs of slowing down. When we've seen this kind of long-term holding surge in the past, it's been a green flag for price jumps. If this keeps up, we could be looking at a serious bull run for Bitcoin, folks!