Why OG Bitcoin Whales Are Suddenly Selling—and What It Signals for the Market

Early Bitcoin whales, including a Satoshi-era holder who sold $1.5 billion after 15 years, are liquidating positions, making 2025 the most active year for BTC selling on record amid price volatility. Analyst Ted Pillows noted that Bitcoin failed to reclaim the $108,000 level despite significant ETF buying, suggesting continued downward pressure below $100,000 if this level isn't regained.

However, some experts suggest that veteran holders have a different mindset, focusing on Bitcoin's long-term adoption as a decentralized financial system rather than short-term price gains. Erik Voorhees of ShapeShift stated that for these long-term holders, $100,000 is not a significant price point for selling.

Voorhees also cautioned that on-chain data showing the transfer of old coins might be misleading, as these movements could indicate portfolio reorganization or custody updates rather than outright sales signaling bearish intent.

(Source：BeInCrypto)