Here’s Why The Bitcoin Price Is Crashing – The OGs Are Selling

With the Bitcoin price falling below $110,000 and the crash continuing to deepen, some revelations have surfaced about why this is happening at this ￰0￱ had initially pointed to the bearish macro headwinds as the crypto market got caught in the crosshairs . However, on-chain data shows that it may be much simpler than that, and the decline is just due to good old ￰1￱ specifically, mega-Bitcoin whales of old are beginning to sell off their considerable ￰2￱ Bitcoin Whales Sell Over $1.7 Billion Worth Of BTC A post from the on-chain data aggregation platform, Lookonchain, confirmed that the Bitcoin price decline had indeed been triggered by major ￰3￱ post highlights the movement of massive amounts of bitcoin, ranging in the thousands, into crypto exchanges as these large whales begin to take ￰4￱ first of these belongs to an early Bitcoin whale, known only as 1011short, who moved their considerable stack of Bitcoin into various crypto ￰5￱ total, the whale deposited 13,000 BTC into different crypto exchanges, which was worth a whopping $1.48 billion at the time of the ￰6￱ deposits went into exchanges such as Binance, Kraken, Coinbase, and Hyperliquid, starting as far back as October ￰7￱ popular wallet, tied to early Bitcoin adopter Owen Gunden, also began moving in recent times.

Gunden’s wallet saw the movement of 3,265 BTC, worth $364.5 million at the time, also into the Kraken crypto ￰8￱ movements began on October 21 and have continued into ￰9￱ the deposits of these massive tranches of BTC into the crypto exchange, the Bitcoin price began to decline , suggesting that the sell-offs had begun. However, there is no telling how long these sell-offs will continue as Gunden still holds over $700 million worth of ￰10￱ Points To Sell Pressure The Bitcoin price being in a decline suggests that much of the average $65 billion daily volume recorded by the Coinglass website is actually coming in from ￰11￱ this continues and large whales continue to offload, it could send the price crashing toward $100,000.

However, with sentiment already so bad and the calls for a Bitcoin price top growing louder, it could mean that the cryptocurrency is headed toward a turning point, one that could change the face of things. A sharp Bitcoin reversal from here could see a shorts wipeout that could trigger a liquidation cascade .