Long-Term Holders Behind Bitcoin Price Stagnation: Analysts
The Bitcoin price is trading in a tight range between $102,000 and $110,000, recently hitting $110,295, despite strong inflows into spot Bitcoin ETFs (exchange-traded funds).
Analysts have blamed long-term holders (LTHs), often referred to as “OGs,” selling their positions for the stagnation, offsetting institutional demand. However, new Bitcoin treasury companies are acquiring this supply, potentially setting the stage for price gains, though short-term macroeconomic issues bring uncertainty.
Long-Term Bitcoin Holders Counter Institutional Buying
Since the approval of spot BTC ETFs in January 2024, LTHs have consistently sold their holdings, preventing a major price breakout, according to Charles Edwards, founder of Capriole Investments.
Edwards notes that LTHs are “dumping on Wall Street,” with on-chain data showing non stop selling over the past 18 months. Despite $3.2 billion in ETF inflows over the last two weeks, this selling pressure has capped the upside potential of the Bitcoin price, with resistance at $108,750.
Recent community engagement provides supporting evidence for this trend. On June 23, 2025, an analyst noted short and long liquidations between $100,000 and $102,500, showing selling from holders who bought at $25,000–$31,000 and $60,000–$73,000.
Glassnode has also recently said there is selling pressure from short-term holders near $98,100, with support levels at $103,700 and $95,600.
However, some contrary discussion suggests that the selling may come from traders taking profits rather than traditional LTHs, based on UTXO age distribution data.
Corporate Treasuries Absorb Selling Pressure
As LTHs divest, new BTC treasury companies are stepping in as major buyers, which could make way for future price increases.
Edwards points to a rise in six-month-plus holders, driven by firms like Cardone Capital, which bought 1,000 BTC and plans further purchases, and ProCap, which acquired $386 million in Bitcoin.
Other companies, like Panther Metals and Green Minerals, have also adopted Bitcoin treasury strategies, buying nearly all BTC sold by LTHs over the past 1.5 years, as revealed by on-chain data.
Edwards predicts these corporate buyers could trigger a “massive flywheel buying frenzy,” potentially surpassing ETF-driven demand. His X post supports this trend, noting that institutional buying is offsetting LTH sales.
Analysis on LTH selling pressure (Source: X)
A recent report further supports this trend, revealing LTH daily net sales have dropped below 1,000 BTC, a sign of reduced selling pressure that could trigger a Bitcoin price surge.
Global Economic Clouds Loom Over Bitcoin’s Next Move
Short-term market dynamics are also weighing on Bitcoin’s price. Jeff Mei, COO of BTSE, faults traders who are selling ahead of the July 9, 2025, tariff deadline in anticipation of volatility if the trade talks fail.
Han Xu of HashKey Capital adds that investors are monitoring United States macroeconomic data and developments on President Trump’s budget bill, with unexpected outcomes potentially triggering sell-offs.
Despite those challenges, analysts are still hopeful about Bitcoin’s long-term trajectory. Mei predicts market stabilization within a year as more corporations adopt Bitcoin treasuries.
