Just chatted with a friend who entered the crypto space back in 2017. His crypto company is barely holding on—cash reserves are almost dried up, and fundraising is completely hopeless.

He says crypto VCs now are either dead or have pivoted to AI investing—no one wants to put money into crypto anymore.

Their only hope now is that Bitcoin will rally again before their cash runs out. At least then they could sell the company, even if it's just for 5% of its 2021 valuation.

What's even more heartbreaking:

The founding team once held tens of thousands of Bitcoins—true OGs. To keep the company afloat, they've already sold two-thirds of them over the past few years.

Maybe this explains who's been selling Bitcoin. Maybe this is the answer: many crypto OGs can't hold on and are forced to sell.

After all, this cycle has only been a Bitcoin bull run, not an altcoin season—and the future will be the same. Projects without real value, surviving on fundraising, will go to zero one by one.

To survive, they can only keep selling the only liquid asset they have left—Bitcoin.

To some extent, this has suppressed BTC's upside performance. But perhaps the selling pressure is nearing its end—because they're almost out of coins to sell.

Who's been buying these Bitcoins? There are public companies like Saylor's MicroStrategy, and ETFs like BlackRock's. Do you know who else is buying?