Key Takeaways:
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Mature Bitcoin whales are selling heavily, issuing over 1,000 BTC/hour in 2025.
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Bitcoin’s bear pennant pattern predicts a possible decline to $89,600.
Bitcoin (BTC) was liable to further losses because the oldest whales continued to spend their BTC hoards.
Charles Edwards, co-founder of Capriole Investments, said in a post
Bitcoin OG whales proceed to dump
The BTC/USD pair is trading 18.7% below its all-time high of $126,000 reached on October 6, a decline partly attributed to large outflows from legacy whale wallets.
While some see this as a standard decline in bull cycles, others argue that the correction was fueled by selling from long-term investors.
Edwards shared a chart showing the extent of on-chain spending by “OG” Bitcoin holders – those that have held their assets for seven years or longer.
The chart has two color-coded categories: orange for $100 million dumps and red for $500 million dumps, clearly showing the extent of selling by these long-term investors. This sale began in November 2024 and intensified in 2025.
“The chart is VERY colourful in 2025,” Edwards said, adding:
“OGs money in.”Bitcoin AND whale dumping. Source: Glassnode
Additional data from Glassnode shows that events where these whales spend greater than 1,000 BTC per hour have continued to occur since January.
“The key difference on this cycle is that these high OG whale spending events occurred more continuously over time, indicating continued distribution.”
One such example is “Bitcoin OG Owen Gunden,” highlighted by on-chain analytics platform Lookonchain. This whale moved 3,600 BTC value about $372 million on Saturday, with “500 BTC ($51.68) already deposited into Kraken.”
Bitcoin AND Owen Gunden proceed to dump $BTC!
Today he moved $3,600.55BTC ($372M) – with $500BTC ($51.68M) already deposited into #Kraken and the remaining $3,100.55BTC ($320.46M) likely heading there in the approaching days will.https://t.co/sGMrheaZl9https://t.co/lGpGzZiXmE pic.twitter.com/dsZzCKyvc5
– Lookonchain (@lookonchain) November 8, 2025
Despite this selling pressure, the market has shown unusual resilience, in keeping with Willy Woo, who argues that “what constitutes an 'OG dump' is solely BTC moving away from an address that has remained untouched for seven years.”
Willy Woo suggested that BTC transfers from long-term holders could also be intended for moving to Taproot addresses for quantum-safe transactions. He points out that as a substitute of actual sales, these could also involve custody rotations or the creation of BTC financial corporations.
Bitcoin’s “Bear Pennant” Targets $90,000
Data from Cointelegraph Markets Pro and TradingView shows BTC trading inside a bear pennant, suggesting a major downward move might be coming next.
A bear pennant is a downward continuation pattern that happens after a major decline followed by a period of consolidation at the underside of the value range.
A break below the pennant's support line at $100,650 could potentially result in Bitcoin's next downtrend, measured at $89,600, or a 12% decline from current price levels.
As Cointelegraph reported, Bitcoin needs to shut the week above the 50-week EMA, currently at $100,900, to avoid a deeper correction towards $92,000 or lower.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
