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Why Are OG Whales Massively Selling Their Bitcoin Holdings?
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Why Are OG Whales Massively Selling Their Bitcoin Holdings?

On-chain data confirms: 2025 marks the rise of OG Bitcoin whales moving massive amounts of BTC, triggering fears of huge profit-taking dumps worth up to $500 million. Beneath the panic lies a nuanced truth - a rapidly maturing market landscape.

Written by Charles Ledoux

Translated on November 11, 2025 at 10:20 by Simon Dumoulin

Three men in black suits with Bitcoin logo on yellow background and exploding gray 3D corner.
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The Chart That’s Causing a Stir: Massive “Dumps” in 2025

Analyst Charles Edwards from Capriole has ignited controversy with an unambiguous chart: the lines representing Bitcoin movements held for over 7 years (pre-2018) are omnipresent in 2025. “The chart is VERY colorful in 2025. The OGs are cashing out,” he declared.

At first glance, the message is clear: the early believers, after years of HODLing, are taking their profits, creating massive selling pressure. The market appears surprisingly resilient, but the question remains: why now?

Willy Woo’s Nuance: Movement Doesn’t Mean Sale for Bitcoin

This is where Willy Woo’s analysis provides crucial nuance. According to him, an “OG dump” is simply a BTC movement from an address that’s been inactive for over 7 years. This doesn’t necessarily mean a sale on the market. “BTC seems resilient under heavy selling pressure, when in fact it’s not necessarily all selling,” he explains.

Woo identifies several activities that are falsely interpreted as “dumps”:

  • Security upgrades: OGs are moving their funds from old addresses to Taproot addresses, which are more secure and resistant to future quantum computers.
  • Custody rotation: Whales are depositing their BTC in regulated crypto banks like Sygnum, both to protect against physical attacks (“wrench attacks”) and to use their BTC as collateral for loans.
  • Tax optimization: OGs are participating in BTC treasury companies, a structure that allows them to transfer their cost basis without triggering capital gains taxes. This isn’t a sale, but a transfer to an “equity wrapper.”

Moreover, many investors are also selling their Bitcoins on exchanges to prefer investing in Bitcoin ETFs. Particularly to avoid excessively high crypto taxes in certain countries.

A Sign of Maturity, Not Panic

Far from being a panic signal, this intense activity from OG whales is actually a sign of the maturation of the Bitcoin ecosystem. The institutional infrastructure (banks, treasury companies) now exists to enable sophisticated wealth management, tax optimization, and high-level security.

The whales aren’t necessarily “dumping” out of lack of confidence, but because they finally have the tools to manage their wealth professionally. They can now obtain liquidity by borrowing against their BTC, without having to sell them. They can secure their assets for future generations and optimize their tax situation.

Of course, part of these movements corresponds to profit-taking, which is natural after a decade of gains. But the market’s resilience shows that this supply is being absorbed by a new wave of institutional and retail investors. Bitcoin is simply changing hands, moving from pioneers to institutions, a classic sign of maturation for any financial asset.

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Charles Ledoux

Charles Ledoux

Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.

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