10x Research: The potential selling pressure of the OG wallet is a key reason why Bitcoin has struggled to rise significantly over the past six months.

PANews reported on July 5 that 10x Research published an analysis stating that since Trump attended the Nashville Bitcoin Summit in July 2024, a significant shift has been occurring behind the scenes. Eight dormant Satoshi-era Bitcoin wallets, which had been inactive for 14 years, were reactivated on Friday, with a total transaction volume of $8.6 billion. These "OG" wallets have been a persistent issue in the market (potential selling pressure) and a key reason why Bitcoin has struggled to achieve significant gains over the past six months, although there are no clear indications that these wallets intend to sell. The so-called "Mega Whales," referring to early Bitcoin miners and long-term holders, have begun to gradually sell off their held Bitcoins. Early holders are gradually shifting towards ETFs and corporate bonds. A covert tug-of-war is unfolding between long-term "OG" holders and institutional whales, with only one side able to ultimately prevail.