OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity

Charles Edwards, founder of Capriole Investments, has identified a concerning trend in the Bitcoin (BTC) and broader cryptocurrency market that adds to the ongoing sentiment of bearishness among ￰0￱ 1 Million BTC Sold By OG Investors Since June In a recent post on the social media platform X (formerly Twitter), Edwards highlighted that “OG” Bitcoin whales are actively cashing out their ￰1￱ Reading: XRP Price Correction Is Far From Over: Bearish Divergence Signals Potential Revisit To $2.05 Accompanying his remarks was a chart illustrating the extent of this phenomenon, showing on-chain spending from “OG” Bitcoin holders—those who have held their assets for over seven ￰2￱ chart prominently features two color-coded categories: orange for $100 million dumps and red for $500 million dumps, vividly demonstrating the scale of liquidations by these long-term investors.

Notably, the chart reveals that OG Bitcoin whales have been offloading their assets continuously since November 2024, which helps explain Bitcoin’s underperformance compared to other risk assets throughout ￰3￱ this selling pressure, the market has exhibited unusual resilience, absorbing these large sell-offs without experiencing the drastic price declines typically seen in previous ￰4￱ behavior represents a new pattern for the market, as Wall Street analysts have noted that the net sales from long-term holders have surpassed 1 million Bitcoin since late June, according to research from Compass Point analyst Ed ￰5￱ Liquidations Driving Bitcoin To $70,000 A significant liquidation of leveraged crypto positions on October 10 further compounded the market’s struggles, with Bitcoin failing to regain critical support levels of $117,000 and then $112,000.

Markus Thielen, founder and CEO of Singapore-based 10X Research, expressed his concerns in an interview with Yahoo Finance, noting that the inability to reclaim these levels suggests that the market may indeed be in a bear ￰6￱ firm, which had previously predicted Bitcoin would fall to $100,000, now believes the market could be “a few weeks away” from finding a buyable ￰7￱ Reading: Samourai Wallet Co-Founder Sentenced To 5 Years In Prison For Money Laundering Thielen also warned of a potential correction that could see Bitcoin prices decline further, citing the recent strength of the US dollar as an additional challenge for the crypto ￰8￱ mentioned an “air pocket” below $93,000, indicating a lack of support that could lead to further liquidations, possibly driving prices down to the $70,000 ￰9￱ image from DALL-E, chart from ￰10￱