OG Sell-Off Keeps Bitcoin From Moving Higher
OG Selling Pressure Stalls Bitcoin
Bitcoin’s rally has remained muted near six figures as veteran holders, often called “OGs,” have been offloading into newly launched spot ETFs. While institutional inflows have picked up since January 2024, this selling pressure has absorbed much of the buying momentum.
Rising Influence of Treasury Companies
A surge in six-month Bitcoin holders—predominantly corporate treasury buyers—has matched and even outpaced the volume dumped by long-term holders over the past 18 months. These treasury companies are steadily accumulating, setting the stage for what some analysts describe as a “flywheel” effect once selling subsides.
New Corporate Investors Entering
Recent entrants include real estate funds, venture capital firms preparing for IPOs, and even mining and mineral exploration companies. Their participation underpins the treasury flywheel thesis and signals growing corporate adoption of Bitcoin as a balance-sheet asset.
Short-Term Profit Taking
Market participants have also been booking gains ahead of key policy deadlines, notably the July 9 reciprocal tariff deadline between the U.S. and Canada. Traders are hedging against potential volatility, further contributing to the current trading range.
Macro Data on the Horizon
Investors remain on hold for upcoming U.S. macroeconomic releases and policy updates—trade deal progress, the federal budget bill and other indicators are viewed as catalysts that could break the current stalemate.
Sideways Trading Despite ETF Inflows
Since early May, Bitcoin has oscillated between $102,000 and $110,000, with only brief deviations. Over the past two weeks, U.S. spot Bitcoin ETFs have recorded more than $3.2 billion in net inflows without a single outflow day, yet failed to push prices beyond resistance at $108,750.
Outlook:
With institutional FOMO counterbalanced by OG sell-offs, Bitcoin’s price action is likely to remain range-bound until selling subsides or a major macro catalyst emerges.