Bitcoin analyst Willy Woo has identified the slow pace of Bitcoin's recent rally as being influenced by long-term holders, or 'OG whales', from 2011. These early adopters possess a significant portion of Bitcoin's supply, and Woo estimates that over $110,000 in new capital is needed to absorb each Bitcoin they decide to sell. This dynamic is contributing to the sluggish upward momentum in Bitcoin's price, as the market requires substantial investment to counterbalance the selling pressure from these large holders.