[Willy Woo: Bitcoin's Slow Rise This Cycle Is Due to Selling Pressure from Ancient Whales, Market Needs to Absorb 10,000x Gains] BlockBeats News, August 25, crypto analyst Willy Woo tweeted, 'Why is Bitcoin's rise so slow this cycle? Bitcoin's supply is primarily concentrated in the hands of ancient whales, who reached their peak holdings around 2011. At that time, Bitcoin was purchased at prices of $10 or lower. Now, for every 1 BTC they sell, the market needs over $110,000 in new capital to absorb it. This difference in cost basis, the volume of supply they hold, and the speed at which they sell has a profound impact on how much new capital is required to push prices higher. You can think of this as Bitcoin going through growing pains, until these investors, who have already achieved 10,000x returns, are fully absorbed by the market.'