Why Bitcoin Is Stuck Despite Wall Street Demand  

Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin's stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.

According to Edwards, the answer lies in the actions of long-term holders—not in a lack of demand.

Long-Term Holders Are Selling to Wall Street

Since the approval of spot Bitcoin ETFs in January 2024, Edwards explains that long-time Bitcoin holders (LTHs) have been quietly offloading their positions. These sales are directed toward institutional buyers entering the space through ETFs, creating a hidden source of selling pressure that offsets much of the bullish sentiment.

While mainstream narratives often spotlight institutional FOMO and the surge in ETF flows, Edwards argues the true market dynamic lies in this discreet transfer of coins from seasoned holders to Wall Street.

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Treasury-Driven “Flywheel Effect” Accelerates

Edwards reiterated a prediction he made earlier this year: that publicly traded companies holding Bitcoin on their balance sheets would spark a compounding “flywheel” of adoption. He believes this dynamic is now fully in motion, with more corporations joining the trend and accumulating Bitcoin at a growing pace.

This corporate buying behavior, he says, is rapidly becoming a more influential force than the ETF story itself.

On-Chain Data Points to Strong Accumulation

Looking at recent on-chain trends, Edwards highlighted a striking uptick in the number of wallets holding Bitcoin for more than six months. Over the past two months, this group has purchased more BTC than LTHs have sold over the last 18 months—an “incredible” shift in market structure, according to him.

Historically, such large-scale accumulation is often followed by price squeezes, which Edwards views as a short-term bullish signal.

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Market Weakness Could Be Short-Lived

Despite this momentum, Edwards cautions that broader on-chain indicators still reflect some underlying fragility. However, he believes that continued buying by newer long-term investors could resolve this weakness.

“If companies with Bitcoin treasuries maintain this aggressive pace of accumulation, we’re likely only in the early stages of the cycle,” he noted. “If that momentum holds, the market could regain strength quickly.”