10x Research: The potential selling pressure from OG wallets is a key reason why Bitcoin has been unable to rise significantly in the past six months

PANews reported on July 5 that 10x Research published an analysis saying that since Trump attended the Nashville Bitcoin Summit in July 2024, a major shift has been taking place behind the scenes. Eight Bitcoin wallets from the Satoshi era that had been silent for 14 years were reactivated on Friday, with a total transaction volume of $8.6 billion. These "OG" wallets have been a persistent problem in the market (potential selling pressure) and a key reason why Bitcoin has been difficult to achieve significant gains in the past six months, although there are no clear signs that these wallets intend to sell. The so-called "Mega Whales", early Bitcoin miners and long-term holders, have begun to gradually sell off their Bitcoin holdings. Early holders are gradually turning to ETFs and corporate bonds. A secret tug-of-war is unfolding between long-term "OG" holders and institutional whales, and only one side can win in the end.