The Bitcoin price is stuck as OGs are ‘dumping on Wall Street,’ according to an analyst . Despite recent moves from institutions and corporations to buy the asset, selling pressure from long-term holders has stunted the growth of Bitcoin's price .
Capriole Investments founder Charles Edwards said that this is largely due to Bitcoin OGs — long-term holders — who have been “dumping on Wall Street” and “unloading their positions” since the spot Bitcoin exchange-traded funds (ETFs) launched in January 2024 . Edwards shared a chart showing Bitcoin holder growth rates, with the six-month holder cohort surging, representing the new wave of BTC treasury companies .
He predicted that these Bitcoin treasury companies would create “a huge flywheel buying frenzy” and push the ETF narrative into the backseat . Several new corporate investors emerged just last week, including real estate giant Cardone Capital; Anthony Pompliano's venture firm ProCap; mineral exploration company Panther Metals; and Norwegian deep-sea mining firm Green Minerals .
Meanwhile, Wall Street investors have poured over $1 billion into spot Bitcoin ETFs this week, coinciding with the US dollar's persistent decline . Collectively, Bitcoin ETFs in the U.S. now have $108.16 billion in assets under management . As of Wednesday, these ETFs held 1.234 million BTC, up by more than 9,722 BTC over the past three days, according to Glassnode data, that amounts to roughly $1.04 billion in net inflows so far this week .
Trump's early Fed replacement plans rattled markets, accelerating dollar losses and sending DXY to its lowest level since April 2022 . The US Dollar Index (DXY), which tracks the greenback's strength against a basket of foreign currencies, has fallen 1.23% since the WSJ report, hitting its lowest level since April 2022 .
The dollar's decline comes as traders increase bets on Federal Reserve rate cuts later in September, with the odds of a 25 basis point reduction rising to 69% from 47.70% a month ago . Lower rates have historically dampened the appetite for the dollar, while increasing demand for non-yielding assets such as stocks and cryptocurrencies . BTC's price has risen by over 2% to around $108,360 since the WSJ report, with ETF inflows further suggesting a growing risk appetite among retail traders and institutional investors .