Bitcoin experienced a downturn after briefly surging following Federal Reserve Chair Jerome Powell’s muted speech in Jackson Hole last Friday. Meanwhile, Ethereum continues to reach new all-time highs. Bitcoin saw a 2.14% decline over the past 24 hours, falling to $112,600. Analyzing this trend, popular analyst Willy Woo identified large whales as the likely culprit behind Bitcoin’s sluggish rally. Woo questioned on his X account why Bitcoin’s price surge has been so slow in recent cycles, and pointed to a concentrated supply of Bitcoin held by these whales as the key driver. He explained that the whales’ massive holdings, accumulated at low prices in 2011 ($10 per coin), now hinder Bitcoin’s growth due to their significant selling pressure. Woo argues that absorbing these sales requires substantial new capital influx into the market, a process taking time and thus hindering price increases. The article elaborates on Woo’s insights about the role of whales in Bitcoin’s current market dynamics and potential implications for its future performance.