- Long-term Bitcoin whales have accelerated large-scale spending, emptying dormant wallets, and adding selling pressure across 2024–2025.
- Major transfers, including 3,600 BTC from OG whale Owen Gunden and recurring US$100m–US$500m movements, highlight persistent distribution.
- Technical signals point to downside risk, with analysts warning a break below key support could send BTC towards US$89,600.
Bitcoin has entered a period of heightened selling pressure as long-standing whales continue to move significant amounts of BTC onto the market, particularly throughout early 2025. Charles Edwards of Capriole Investments has noted that these “super whales” have been liquidating at remarkable speed, frequently exceeding 1,000 BTC per hour in spending volume.
This sustained outflow has contributed to Bitcoin trading 18.7% below its 6 October high of US$126,000 (AU$193,788).
Edwards’ on-chain indicators highlight that dormant wallets have been responsible for a rising number of high-value transactions, some surpassing US$100 million (AU$153.8 million) and even reaching US$500 million (AU$769 million).
He observed that 2025 has become “very colourful” in terms of large whale activity, reflecting the intensity of these movements since late 2024. Glassnode corroborates this, explaining that spending events above 1,000 BTC per hour have been consistently visible from January onward, signalling ongoing distribution rather than sporadic selling.
Related: Ray Dalio Warns of Bubble as Fed Eases Policy; JPMorgan Eyes Bitcoin Surge to $170K
Charts Suggest More Downside
A notable example of this trend came from early adopter Owen Gunden, who transferred 3,600 BTC valued at about US$372 million (AU$572.1 million), with 500 BTC already deposited to Kraken, typically considered a precursor to selling.
Lookonchain suggested that the remaining coins may also be destined for the exchange within days. Meanwhile, whales holding more than 10,000 BTC have maintained continuous selling pressure for roughly three months, according to Glassnode, compounding downward price forces.
Some analysts, including Willy Woo, have argued that not all these movements should be assumed to represent liquidation, suggesting that certain transfers might be motivated by security improvements or treasury shifts rather than direct selling.
Even so, Bitcoin’s technical structure remains fragile: the asset is trading inside a bear pennant, and losing the US$100,650 (AU$154,616) support level could trigger a slide towards US$89,600 (AU$137,133), a fall of roughly 12%. Further weakness below the 50-week EMA, now near US$100,900 (AU$155,000), could deepen the correction towards US$92,000 (AU$141,496) or more.
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