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. In April on @bitsandbips I predicted the Bitcoin Treasury Companies would create a huge flywheel buying frenzy and push the ETF narrative into the backseat. We have clearly entered the heat of that today as many copy-cats have entered the market. This dynamic is now starting to appear in the onchain data, and we can see that 6 month+ BTC holders have skyrocketed over that 2 month period. The amount of BTC acquired in the last 2 months by this cohort has completely consumed all of the BTC unloaded by LTHs over the last 1.5 years. Incredible. We also see a nice dynamic whenever aggressive spikes in 6M+ holders occur, price usually squeezes following these periods. Short-term bullish. Will the Treasury Companies be able to keep up the fast rate of accumulation? I think this flywheel still has a long way to go. In the near term we still need to overwhelm broader weakness across onchain data which on aggregate, could be better today. If the 6M+ holders (Treasury Companies) can continue their relentless buying, that should be achievable.