Key takeaways:
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Older Bitcoin whales are selling heavily, spending over 1,000 BTC/hour in 2025.
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Bitcoin’s bear pennant pattern projects a potential drop to $89,600.
Bitcoin (BTC) was at risk of further losses as the oldest whales continued to spend their BTC stash.
Capriole Investments co-founder Charles Edwards said that “super whales are cashing out of Bitcoin,” in a post on X, raising concerns about the potential impact on BTC’s price.
Bitcoin OG whales keep dumping
The BTC/USD pair trades 18.7% below its all-time high of $126,000 reached on Oct. 6, a drawdown that has been partly attributed to large outflows from old whale wallets.
While some view this as a normal dip for bull cycles, others argue that the correction has been fueled by selling from long-term holders.
Related: New Bitcoin highs could take 2 to 6 months but data says it’s worth the wait: Analysis
Edwards shared a chart illustrating the extent of onchain spending from “OG” Bitcoin holders—those who have held their assets for seven years or more.
The chart features two color-coded categories: orange for $100 million dumps and red for $500 million dumps, clearly demonstrating the scale of selling by these long-term investors. This selling began in November 2024 and intensified in 2025.
“The chart is VERY colorful in 2025,” Edwards said, adding:
“OGs are cashing out.”
Additional data from Glassnode shows that events where these whales have been spending more than 1,000 BTC per hour have been persistent since January.
“The key distinction in this cycle is that these OG whale high-spending events occurred more frequently throughout, signalling persistent distribution.“
One such example is “Bitcoin OG Owen Gunden,” highlighted by onchain analytics platform Lookonchain. This whale has moved 3,600 BTC, worth about $372 million, on Saturday, with “500 $BTC($51.68) already deposited to Kraken.”
Bitcoin OG Owen Gunden keeps dumping $BTC!
Today, 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) likely heading there in the coming days.https://t.co/sGMrheaZl9https://t.co/lGpGzZiXmE pic.twitter.com/dsZzCKyvc5
— Lookonchain (@lookonchain) November 8, 2025
Despite this selling pressure, the market has exhibited unusual resilience, according to Willy Woo, who argues that “what constitutes an ‘OG dump’ is simply BTC moving out of an address that has been untouched for 7 years.”
Willy Woo suggested that BTC transfers by long-term holders may be intended for moving to taproot addresses for quantum-safe transactions. He notes that these could also involve custody rotations or seeding BTC treasury companies, rather than actual sales.
Bitcoin “bear pennant” targets $90,000
Data from Cointelegraph Markets Pro and TradingView shows BTC trading inside a bear pennant, suggesting that a significant downward move may be next.
A bear pennant is a downward continuation pattern that occurs after a significant drop, followed by a consolidation period at the lower end of the price range.
A break below the pennant’s support line at $100,650 could potentially lead to the next leg down for Bitcoin, measured at $89,600 or a 12% decline from its current price level.
As Cointelegraph reported, Bitcoin must close the week above the 50-week EMA, currently at $100,900, to avoid a deeper correction toward $92,000 or lower.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
