In a turbulent twist for the crypto world, Bitcoin’s oldest whales—those holding coins for seven years or more—are dumping their stashes at an alarming rate, sparking fears of a sharp price plunge to $90,000. As BTC hovers 18.7% below its all-time high of $126,000 from October 6, on-chain data reveals these “super whales” cashing out over 1,000 BTC per hour in 2025, potentially dragging the market into deeper correction territory.
Whales on the Move: Massive Dumps Signal Trouble
Charles Edwards, co-founder of Capriole Investments, highlighted the frenzy in a recent X post, sharing a vibrant chart from Glassnode that paints a “colorful” picture of $100 million and $500 million dumps by these long-term holders. The selling kicked off in late 2024 but has ramped up dramatically this year, with Edwards warning that “OGs are cashing out.” One stark example? On-chain sleuths at Lookonchain spotted “Bitcoin OG Owen Gunden” shifting 3,600 BTC—worth a whopping $372 million—over the weekend, including deposits to exchanges like Kraken.
Not All Dumps Are Sales: A Counter View
But not everyone is hitting the panic button. Analyst Willy Woo suggests these movements might not spell outright selling. Instead, they could be strategic shifts—like upgrading to quantum-safe Taproot addresses, rotating custody, or even seeding corporate BTC treasuries. Despite the persistent high-spending events tracked by Glassnode, Woo argues the market’s resilience shows Bitcoin isn’t crumbling under the pressure just yet.
Bearish Patterns Point to $90K Dip
Technically, things look precarious. BTC is trapped in a classic bear pennant on the charts, a pattern signaling further downside after consolidation. A break below the $100,650 support could trigger a 12% slide to $89,600, per TradingView data. To dodge a worse fate, Bitcoin needs a weekly close above its 50-week EMA at $100,900—otherwise, analysts eye even lower targets around $92,000 or beyond.
As the crypto community watches nervously, this whale activity underscores the volatile nature of bull cycles, where even ancient holders can shake the foundations.