Charles Edwards, founder of Capriole Investments, has identified a concerning trend in the Bitcoin (BTC) and broader cryptocurrency market that is contributing to the ongoing bearish sentiment among investors.
### Over 1 Million BTC Sold By OG Investors Since June
In a recent post on the social media platform X (formerly Twitter), Edwards highlighted that “OG” Bitcoin whales are actively cashing out their holdings. Accompanying his remarks was a chart illustrating the extent of this phenomenon, showing on-chain spending from “OG” Bitcoin holders—those who have held their assets for over seven years.
The chart prominently features two color-coded categories: orange for $100 million dumps and red for $500 million dumps, vividly demonstrating the scale of liquidations by these long-term investors. Notably, the data reveals that OG Bitcoin whales have been offloading their assets continuously since November 2024. This trend helps explain Bitcoin’s underperformance compared to other risk assets throughout 2025.
Despite this selling pressure, the market has exhibited unusual resilience, absorbing these large sell-offs without experiencing the drastic price declines typically seen in previous cycles. This behavior marks a new pattern, as Wall Street analysts have noted that net sales from long-term holders have surpassed 1 million Bitcoin since late June, according to research from Compass Point analyst Ed Engel.
### Potential Liquidations Driving Bitcoin To $70,000
A significant liquidation of leveraged crypto positions on October 10 further compounded the market’s struggles. Bitcoin failed to regain critical support levels of $117,000 and then $112,000.
Markus Thielen, founder and CEO of Singapore-based 10X Research, expressed his concerns in an interview with Yahoo Finance. He noted that the inability to reclaim these key levels suggests the market may indeed be in a bear cycle. Thielen’s firm had previously predicted Bitcoin would fall to $100,000, but now believes the market could be “a few weeks away” from finding a buyable bottom.
Thielen also warned of a potential correction that could push Bitcoin prices even lower, citing the recent strength of the US dollar as an additional challenge for the crypto markets. He mentioned an “air pocket” below $93,000—a lack of support that could trigger further liquidations and potentially drive prices down to the $70,000 range.
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*Featured image from DALL-E, chart from TradingView.com.*
https://bitcoinethereumnews.com/bitcoin/og-bitcoin-whales-dumping-assets-chart-reveals-significant-sell-off-activity/