- Long-term Bitcoin holders have significantly increased sales in 2025, exceeding 1,000 BTC per hour.
- Bitcoin trades about 19% below its October all-time high of $126,000.
- Some BTC transfers by old holders may be relocations rather than sales.
- Bitcoin is currently in a bear pennant pattern, suggesting a possible drop to $89,600 if support breaks.
Older Bitcoin holders known as “OG whales” have been substantially selling off their BTC holdings in 2025. The BTC/USD pair is trading 18.7% below its peak of $126,000 reached on October 6. This decline has partly been linked to large outflows from wallets that have held assets for seven years or more.
Charles Edwards, co-founder of Capriole Investments, highlighted this trend by sharing data showing frequent sales of $100 million and $500 million worth of BTC from these holders since November 2024, intensifying in 2025. Furthermore, data from Glassnode indicates persistent events where these whales spend more than 1,000 BTC per hour, signaling ongoing distribution throughout this cycle, as seen in a Glassnode tweet.
One example is a whale known as “Bitcoin OG Owen Gunden,” who recently moved 3,600 BTC (approximately $372 million), with 500 BTC ($52 million) already deposited to the Kraken exchange, as reported by Lookonchain on X.
Despite the heavy selling, some experts believe that not all BTC movements indicate sales. Willy Woo suggested in a post on X that BTC moving from long-term addresses may be transfers for purposes such as moving to quantum-safe taproot addresses, custody rotations, or supplying BTC treasury firms.
On the technical side, Bitcoin is trading within a “bear pennant,” a chart pattern that typically signals a downward continuation after a sharp price drop followed by consolidation. If BTC breaks below the pennant support at $100,650, a further decline to $89,600 (a 12% drop) could follow. Maintaining a weekly close above the 50-week exponential moving average near $100,900 is crucial to avoid a deeper correction below $92,000.
This ongoing activity marks a notable phase of selling by longstanding Bitcoin holders combined with potential technical signals of further price decline.
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