Over $100B in Bitcoin Moves: Is the ‘OG’ Era Over or Just Traders Being Traders?

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Key takeaways:

  • More than $104 billion in old Bitcoin has moved since 2024, and it’s got people arguing if the OGs are leaving the market for good or if traders are just having a field day.

  • On-chain data suggests that most of the Bitcoin being moved is from short-term holders, not from ancient wallets holding since the dawn of crypto.

Bitcoin (BTC) had a little dip from $126,000 to $100,000, and right on cue, long-term holders (LTH) started selling. In the last 30 days, over 400,000 BTC slipped out of the hands of LTHs, sparking a new debate: are the OGs really leaving, or is this just a routine shuffle by traders? 🤔

Alex Thorn, Head of Research at Galaxy, dropped the bombshell that over 470,000 BTC older than five years changed hands in 2025 alone. Add 2024’s numbers, and you’re looking at a whopping $104 billion that’s seen the light of day. That’s almost half of all Bitcoin that’s been held for five years or more. Thorn’s calling it “unprecedented” distribution. Yeah, no big deal, just a ton of Bitcoin floating around. 🤑

Of course, not everyone’s buying this “OG exodus” narrative. Troy Cross, a philosophy professor at Reed College and Bitcoin enthusiast, jumped into the conversation, saying if the original Bitcoin believers are bailing out in such large quantities, it could mean Bitcoin’s original ideals are being tossed aside for a more traditional, IPO-like approach. Well, isn’t that a plot twist? 📉

But wait, there’s more. On-chain analyst Checkmate wasn’t having any of that “OG dumping” talk. He’s calling it a misuse of the term. He pointed out that while 500,000 coins did move, the majority of 2025’s revived Bitcoin comes from coins held for much shorter periods-say, six months to two years. In other words, traders looking to cash in, not long-time believers jumping ship. 🤡

To back this up, a breakdown of revived supply from 2024 to 2025 shows that most of the coins moving around had been dormant for less than two years: 0.7M BTC (6 months-1 year), 0.65M BTC (1-2 years). The coins from 3-5 years (0.12M BTC) and 5-7 years (0.05M BTC)? Tiny in comparison. It’s the new wave, not the original Bitcoin family, moving the coin. 🌊

Blockstream CEO Adam Back couldn’t help but agree, saying the charts are telling a very different story. Most of the coins shifting around belong to traders who’ve been in the game for a lot less than the OGs. So much for the idea that the originals are bailing out. 🤷‍♂️

Bitcoin Faces Double Trouble: ETFs & LTHs Keep Pressuring the Price

CryptoQuant data suggests that Bitcoin’s price dip is coming from a two-front “selling war.” Institutional investors via spot ETFs and the long-term holders (LTHs) are both pressuring the price downward. So, yeah, it’s a lot like watching a slow-motion train wreck at this point. 🚂💥

On-chain data shows that the cumulative netflow for spot Bitcoin ETFs has dropped by almost $21 billion, marking the largest outflow in six weeks. And that’s not great for the Bitcoin bulls. The demand engine for Bitcoin is now just a supply source. Oops. 😬

With ETF inflows no longer balancing out the LTH selling, Bitcoin’s facing a supply-heavy situation. Analysts are saying that unless institutional demand picks up again or LTHs take a breather from their strategic selling, the price may keep leaning downward. So, brace yourselves, Bitcoin fans. The ride could get bumpy. 🎢

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2025-11-06 20:33