Key takeaways:
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Older Bitcoin whales are promoting closely, spending over 1,000 BTC/hour in 2025.
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Bitcoin’s bear pennant sample initiatives a possible drop to $89,600.
Bitcoin (BTC) was susceptible to additional losses because the oldest whales continued to spend their BTC stash.
Capriole Investments co-founder Charles Edwards stated that “tremendous whales are cashing out of Bitcoin,” in a submit on X, elevating issues in regards to the potential impression on BTC’s value.
Bitcoin OG whales maintain dumping
The BTC/USD pair trades 18.7% beneath its all-time excessive of $126,000 reached on Oct. 6, a drawdown that has been partly attributed to massive outflows from outdated whale wallets.
Whereas some view this as a regular dip for bull cycles, others argue that the correction has been fueled by promoting from long-term holders.
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Edwards shared a chart illustrating the extent of onchain spending from “OG” Bitcoin holders—those that have held their property for seven years or extra.
The chart options two color-coded classes: orange for $100 million dumps and crimson for $500 million dumps, clearly demonstrating the size of promoting by these long-term traders. This promoting started in November 2024 and intensified in 2025.
“The chart is VERY colourful in 2025,” Edwards stated, including:
“OGs are cashing out.”
Extra information from Glassnode reveals that occasions the place these whales have been spending greater than 1,000 BTC per hour have been persistent since January.
“The important thing distinction on this cycle is that these OG whale high-spending occasions occurred extra often all through, signalling persistent distribution.“
One such instance is “Bitcoin OG Owen Gunden,” highlighted by onchain analytics platform Lookonchain. This whale has moved 3,600 BTC, value about $372 million, on Saturday, with “500 $BTC($51.68) already deposited to Kraken.”
Bitcoin OG Owen Gunden retains dumping $BTC!
At the moment, he moved 3,600.55 $BTC($372M) — with 500 $BTC($51.68M) already deposited to #Kraken, and the remaining 3,100.55 $BTC ($320.46M) possible heading there within the coming days.https://t.co/sGMrheaZl9https://t.co/lGpGzZiXmE pic.twitter.com/dsZzCKyvc5
— Lookonchain (@lookonchain) November 8, 2025
Regardless of this promoting stress, the market has exhibited uncommon resilience, in response to Willy Woo, who argues that “what constitutes an ‘OG dump’ is solely BTC shifting out of an deal with that has been untouched for 7 years.”
Willy Woo prompt that BTC transfers by long-term holders could also be meant for shifting to taproot addresses for quantum-safe transactions. He notes that these might additionally contain custody rotations or seeding BTC treasury firms, fairly than precise gross sales.
Bitcoin “bear pennant” targets $90,000
Information from Cointelegraph Markets Professional and TradingView reveals BTC buying and selling inside a bear pennant, suggesting {that a} important downward transfer could also be subsequent.
A bear pennant is a downward continuation sample that happens after a big drop, adopted by a consolidation interval on the decrease finish of the value vary.
A break beneath the pennant’s help line at $100,650 might probably result in the subsequent leg down for Bitcoin, measured at $89,600 or a 12% decline from its present value degree.
As Cointelegraph reported, Bitcoin should shut the week above the 50-week EMA, presently at $100,900, to keep away from a deeper correction towards $92,000 or decrease.
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.
