Bitcoin has been consolidating above the $100,000 mark since early May 2025, with fluctuations primarily between $102,000 and $110,000.

Currently, Bitcoin is trading at $108,044, reflecting the complex dynamics influencing its price.

While Bitcoin's price remains above $100,000, analysts indicate that the underlying dynamics are more intricate than mere institutional demand.

Charles Edwards from Capriole Investments reports that long-term holders, referred to as 'OGs', have been selling their positions to institutional investors since the launch of Bitcoin ETFs in January 2024.

There are uncertainties regarding whether corporate treasuries and ETF managers can absorb the Bitcoin being sold by early holders, which may lead to increased market volatility.

New buyers, primarily corporate treasuries and institutional investors, are actively acquiring Bitcoin sold by long-term holders, which is viewed positively.

Edwards notes a significant increase in the number of holders who have kept Bitcoin for over six months, indicating a trend of strategic accumulation.

Historically, spikes in long-term holders have preceded price increases, although current market conditions warrant caution.

Despite substantial inflows into spot Bitcoin ETFs, the price has not surged significantly, suggesting a redistribution rather than new demand.

On-chain analyst TXMC emphasizes that much of Bitcoin trading occurs off traditional exchanges, complicating the market's response to ETF inflows.

Market analyst Checkmate suggests that the sustained selling by long-term holders reflects a natural market dynamic rather than suppression.

Mauricio Di Bartolomeo from Ledn proposes that the selling by long-term holders may represent a generational shift towards traditional financial custody.