Despite strong fundamentals and institutional interest, Bitcoin's price growth has stalled. Here’s what’s going on behind the scenes.
Bitcoin has been hovering just above the $100,000 mark for weeks now—but it’s struggling to break through the $110,000–$112,000 resistance zone. Many investors are asking the same question: Why isn’t Bitcoin moving higher? According to Charles Edwards, founder of Capriole Investments, the answer lies in a quiet tug-of-war between old and new market players.
Source: Charles Edwards twitter post
A Musical Chairs Market: Old Investors Exit, Wall Street Steps In
Edwards points out a significant shift in Bitcoin ownership. His data shows that since the introduction of U.S. spot Bitcoin ETFs in January 2024, long-term holders and early adopters have started selling. At the same time, institutional investors are stepping in to buy.
This isn't fresh demand piling on top of existing holders—it’s more of a rotation. The influx of new buyers, including major corporations and funds, is filling the gap left by early Bitcoin investors cashing out. That shift has created a kind of "musical chairs" effect that is keeping prices flat despite massive inflows.
The Institutional Snowball Is Just Starting
Edwards believes we’re entering a new market phase led by large-scale institutional adoption. What began as a niche strategy is rapidly becoming mainstream. For instance, Panther Metals Plc, a UK-based mining company, has begun investing in Bitcoin as part of its treasury strategy. Likewise, Cardone Capital, the real estate empire founded by Grant Cardone, made headlines with a $100 million Bitcoin purchase.People are wondering why BTC has been stuck at $100K so long, despite the institutional FOMO. Despite what X news might suggest, it's because Bitcoin OGs (long-term holders) have been dumping on Wall St since the ETF Launch in January 2024, unloading their positions.
— Charles Edwards (@caprioleio) June 29, 2025
In April… pic.twitter.com/0qYOiX2vqE
(Can't really get this to work into a white line/break but this is at least a break😫,in previous post just been bashing the enter key🤣 comments on how it can be done are helpful, thanks!)
"More and more copycats are entering the market,” Edwards says. These big-ticket purchases are creating momentum. Interestingly, Edwards suggests that the focus on ETFs might fade in comparison to the direct adoption by businesses.
A Changing Identity for Bitcoin
Perhaps the most striking aspect of this evolution is what it means for Bitcoin's identity. Bitcoin started as a grassroots movement, born from distrust in banks and governments during the 2008 financial crisis. It was a decentralized alternative to traditional finance. But today, we’re seeing that very same traditional financial system embracing Bitcoin—and reshaping its role in the market. As institutional players take the wheel, the market may look very different in the years to come.