What’s really weighing on Bitcoin? Samson Mow breaks it down

The recent stall in Bitcoin’s explosive rally has left investors questioning the market’s trajectory. As BTC consolidates below recent all-time highs, many point fingers at macroeconomic factors—the Federal Reserve’s hawkish stance, persistent inflation, or geopolitical instability. However, according to Samson Mow, CEO of Jan3 and a prominent proponent of hyper-bitcoinization, the true pressures weighing on Bitcoin are internal market mechanics, not external economic noise.

Dismissing the typical FUD (Fear, Uncertainty, Doubt), Mow argues that while institutional demand remains robust (evidenced by steady inflows into U.S. Spot ETFs), the market is struggling to efficiently absorb persistent selling pressure originating from specific, predictable supply sources.

**The Miner Dilemma Post-Halving**

Mow identifies one of the primary culprits as the Bitcoin mining community. Following the quadrennial halving event, which slashed block rewards in half, many miners are forced to become sellers. This liquidation is necessary for miners to cover significantly increased operational costs—especially in light of heightened network difficulty and the need to upgrade equipment to remain competitive. This constant drip-feed of supply onto the open market creates a necessary but temporary ceiling on price appreciation.

**Strategic Distribution by Long-Term Holders**

Beyond miners, Mow highlights the strategic distribution cycles undertaken by early adopters and large holders (whales). These entities, who amassed Bitcoin at vastly lower price points, are executing sophisticated profit-taking strategies, capitalizing on the high prices achieved after the influx of institutional money following the ETF approvals. This distribution is a natural consequence of market maturation, but it adds substantial supply when liquidity is needed most.

**The ETF Paradox**

While the introduction of spot ETFs was historically bullish, Mow suggests it created a short-term paradox. The market needed time to absorb the immense structural shift, and the initial excitement led to front-running and saturation. The net result is that while institutions are soaking up vast quantities of BTC, the market requires a sustained period of absorption to stabilize the price floor and overcome the combined selling pressure from miners and distributing whales.

**Long-Term View Unchanged**

Mow remains resolutely bullish on the long-term outlook. He views the current price action not as a fundamental failure, but as a necessary phase of consolidation and market clearing. For Mow, these internal selling pressures are temporary cycles, and the long-term scarcity driven by the halving and sustained institutional demand ultimately guarantees hyper-bitcoinization.

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