Important points:
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Old Bitcoin whales are selling in large quantities and will spend over 1,000 BTC per hour in 2025.
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Bitcoin’s bearish pennant pattern predicts a possible fall to $89,600.
Bitcoin (BTC) was at risk of further losses as the oldest whale continued to use his Bitcoin stash.
“Super whales are cashing out Bitcoin,” Charles Edwards, co-founder of Capriol Investments, said in a post on X, raising concerns about the potential impact on BTC prices.
Bitcoin OG whale continues to sell hard
The BTC/USD pair is trading 18.7% below its all-time high of $126,000 hit on October 6th, with the drawdown partly due to large outflows from old whale wallets.
While some see this as a normal dip in a bull cycle, others argue that the correction was fueled by selling by long-term holders.
Related: Bitcoin’s new all-time high could take 2-6 months, but data shows it’s worth the wait: Analysis
Edwards shared a graph showing the range of on-chain spending by “OG” Bitcoin holders (those who have held the asset for more than seven years).
This chart has two color-coded categories, orange for $100 million dumps and red for $500 million dumps, to clearly indicate the size of the sell-off by these long-term investors. This sale began in November 2024 and intensified in 2025.
“The 2025 chart is very colorful,” Edwards said, adding:
“OGs are shelling out cash.”
Additional data from Glassnode shows that events in which these whales exceed 1,000 BTC per hour have been occurring since January.
“The key difference in this cycle is that these OG whale high-spending events occur more frequently throughout and exhibit a persistent distribution.”
One example is “Bitcoin OG Owen Gunden,” which has been highlighted by on-chain analytics platform Lookonchain. The whale moved 3,600 BTC, worth about $372 million, on Saturday, and “$500 BTC ($51.68) has already been deposited into Kraken.”
Bitcoin OG Owen Gunden continues to sell hard $BTC!
Today he moved 3,600.55 $BTC($372 million) — 500 $BTC($51.68M) has already been deposited #krakenremaining 3,100.55 $BTC ($320.46 million) will likely be heading there within the next few days. pic.twitter.com/dsZzCKyvc5
— Lookonchain (@lookonchain) November 8, 2025
Despite this selling pressure, the market has shown extraordinary resilience, according to Willy Wu, who argues that “what constitutes an ‘OG dump’ is simply BTC being moved from an address that has been idle for seven years.”
Willy Wu suggested that BTC transfers by long-term holders may be aimed at moving to Taproot addresses for quantum-secure transactions. He points out that these could also include custody rotation and seeding of BTC treasury companies rather than actual sales.
Bitcoin “bearish pennant” target is $90,000
Data from Cointelegraph Markets Pro and TradingView shows that BTC is trading within a bearish pennant, suggesting that a significant drop could occur next.
A bearish pennant is a downward continuation pattern that occurs after a significant decline followed by a period of consolidation at the lower end of the price range.
A break below the pennant support line at $100,650 could lead to Bitcoin’s next decline, with its value dropping to $89,600 or 12% from the current price level.
As reported by Cointelegraph, Bitcoin currently needs to end the week above the 50-week EMA at $100,900 to avoid further correction below $92,000.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.