What you really need to know:
- Bitcoin stubbornly refuses to breach $100,000, despite institutions acting like they’re at a half-off Black Friday sale.
- Our hero, Checkmate, observes veteran bitcoin holders are finally cashing in—picture old prospectors dusting off gold they forgot about.
Right, so Bitcoin (don’t worry, it’s still here) is doing a tremendous job impersonating a value straight line slightly north of the $100,000 mark since May. There was a minor heart-flutter on June 22 when it dipped below that magical line, but frankly, everything dips after the US and Iran exchange angry tweets on a Saturday. (Weekends in crypto: when nothing makes sense, and everyone blames the moon.)
Crypto, you see, never clocks out. It’s a bit like Las Vegas, if every casino only exchanged obscure assets and everyone wore pajamas. So, if the price does strange things over the weekend, blame low trading volume and perhaps too many mimosa-fueled decisions.
Meanwhile, the market rumor mill is working overtime. Whispers of giant companies hoarding bitcoin, ETFs becoming as common as cat videos, and yet… the price defiantly loafs under $112,000. Investors are bewildered. Maybe bitcoin needs some strong coffee, or at least a politely-worded letter from Jay Powell.
Here’s the twist: On-chain data—the sort of thing analysts read like tea leaves, if tea leaves were small piles of numbers—shows old hands are offloading their bitcoin. Some have held on for over a decade, probably forgetting their wallet password three times in that period. Suddenly, these veterans are selling. Possibly for profit. Possibly because their grandchildren mocked their hodling.
Analyst Checkmate (possibly named during a risky chess match) quipped, “Look at all this price suppression selling by market manipulators who acquired their coins more than 3 years ago and are definitely not selling for profit in a bull market… Much paper.” Ah yes, the subtle sarcasm of someone who’s seen a bear market or two.
Translation: Markets are made of buyers and sellers. Shock, horror. When prices go up, some folks seize the moment to cash out and buy themselves a nice cup of tea or perhaps a Tesla. The higher it goes, the more tempting the sell-off.
Checkmate sums it up: “Always chopping sideways. Suppression Boredom.” Turns out, this so-called ‘suppression’ is just long-term owners remembering they own a fortune in internet money.
So, the bottom line? No grand conspiracy required—just some folks who got in early and finally remembered where they put their keys. Maybe the real story is how astoundingly boring sideways price action can be.
😴📉🚀
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2025-06-30 12:25