Bitcoin Whales Trigger Price Fears

Throughout 2025, a significant shift has been unfolding within the Bitcoin ecosystem as long-term holders—often called “OG whales”—have been steadily cashing out millions of dollars’ worth of Bitcoin. These massive outflows are creating uncertainty in the market and raising concerns that the price of Bitcoin could decline sharply, possibly approaching the $90,000 range if the selling pressure continues.

According to analysts, many of the oldest Bitcoin wallets, some untouched for over seven years, have recently become active again. Large-scale transfers from these whale accounts have been recorded at a pace exceeding 1,000 Bitcoin per hour in 2025. Charles Edwards, co-founder of Capriole Investments, commented that “super whales are cashing out of Bitcoin,” suggesting that these large investors might be securing profits after years of holding.

The BTC/USD trading pair currently sits around 18% below its previous all-time high of $126,000, reached in early October 2025. Analysts attribute much of this decline to the consistent selling of Bitcoin from these older wallets. While some traders interpret the decline as a routine correction in a larger bullish cycle, others warn that persistent selling by long-term holders could limit any immediate price recovery for Bitcoin.

Onchain data has made this trend visible through color-coded charts, which display transactions from long-term Bitcoin holders in orange for $100 million sales and red for $500 million sales. The visual pattern shows that these heavy-selling events began in late 2024 and became even more aggressive throughout 2025. As Edwards put it, “the chart is very colorful this year—OGs are cashing out.”

Recent data shows that these large Bitcoin movements are not isolated events. Reports from analytics platforms indicate that whales have been transferring substantial amounts of Bitcoin every week, often depositing funds into major exchanges such as Kraken. For instance, an address known as “Bitcoin OG Owen Gunden” reportedly moved over 3,600 Bitcoin, valued at roughly $372 million, with a portion already sent to Kraken for likely liquidation.

Despite this heavy wave of selling, the overall Bitcoin market has demonstrated surprising resilience. Analyst Willy Woo argues that what may appear to be “whale dumping” could also represent internal movements for security upgrades—such as transferring Bitcoin into taproot or quantum-safe wallets. He added that some of these transactions might reflect corporate treasury management rather than panic selling, indicating that not every large transfer equals market liquidation.

From a technical analysis perspective, Bitcoin is currently trading within a “bear pennant” pattern, which typically forms after a price decline followed by consolidation. This setup suggests that if Bitcoin falls below the critical support level near $100,650, the next leg down could bring its price to around $89,600—roughly a 12% decrease from current levels.

Market strategists have pointed out that for Bitcoin to avoid a deeper correction, it needs to close the weekly chart above the 50-week exponential moving average (EMA) near $100,900. Failure to maintain this level could accelerate losses and push Bitcoin toward $92,000 or even lower.

Overall, the year 2025 has proven to be a defining moment for Bitcoin as the behavior of long-term holders shapes both market sentiment and future price direction. Whether these whales are simply reallocating their Bitcoin holdings or genuinely exiting positions, the coming months will likely determine how the next chapter of Bitcoin’s evolution unfolds.