Bitcoin: Despite $11B ETF inflows, BTC stalls below $110K – Reasons?

Key Points

1. Selling pressure from long-term holders and whales has kept Bitcoin's price muted above $100K despite significant ETF inflows.

2. VC Chamath Palihapitiya projects Bitcoin could reach $500K by October, citing historical post-halving rally patterns.

3. Long-term holders have been offloading Bitcoin since the ETF launch in January 2024, with 6-month holders absorbing the supply.

4. Large Bitcoin transactions are often conducted OTC, reducing their impact on traditional order books and centralized exchanges.

5. The number of whales holding over 1K BTC decreased from late May to early June, coinciding with price pressure around the $111K peak.