Early Bitcoin whales have begun selling off their holdings, making 2025 the busiest year for Bitcoin sales on record.
Experts warn that this trend reflects growing tensions over Bitcoin prices. It also highlights the shift between short-term profit taking and long-term value belief.
Old Bitcoin holders exit
Earlier this week, the Satoshi-era Whale sold all of his $1.5 billion worth of Bitcoin after holding it for 15 years.
The latest news has reinforced the uptrend that has been continuously highlighted by market analysts. Currently, more original Bitcoin holders are liquidating their positions than ever before, and this trend is playing out against the backdrop of Bitcoin price fluctuations.
And Bitcoin whales are dumping.
This chart gives a good visual representation of how many super whales are withdrawing their cash from Bitcoin. All lines here are over 7 years of on-chain spending by OG Bitcoin hodlers prior to 2018.
🟠Orange = $100 million and a dump.
🔴Red = $500 million OG dump.The chart is very colorful… pic.twitter.com/mWUXUmuKdr
— Charles Edwards (@caprioleio) November 7, 2025
Bitcoin is currently trading at $104,000, but the asset has experienced negative fluctuations over the past few days. It fell short of the all-time high of $115,000 reached last month.
Analyst Ted Pillows noted that by failing to reach the $105,000-$106,000 target, Bitcoin once again lost its support zone. He also pointed to other trends that indicate early Bitcoin whale selling pressure is much higher than expected.
“Yesterday, the Bitcoin ETF bought $530 million in BTC, but Bitcoin was still dumped,” Pillows said in a social media post. “If the bulls really want to generate momentum in BTC, they need to get back to the $108,000 level. If this doesn’t happen, BTC will fall below $100,000 again.”
According to some experts, veteran Bitcoin holders are more concerned with long-term vision than price.
True value that goes beyond price
In an interview with Milkroad, Eric Voorhees, a prominent long-term Bitcoin holder and founder of Shapeshift, said that people who have held Bitcoin for more than 10 years tend to have a fundamentally different mindset.
Their focus is on Bitcoin achieving true adoption and monetary dominance, rather than short-term price increases.
Voorhees added that early adopters who have held Bitcoin for more than 10 years don’t consider the current price all that important.
“They don’t really think $100,000 is a very interesting price, and they’re not trying to sell Bitcoin… to make a lot of money. Bitcoin is valuable,” Voorhees explained.
For long-term holders, Bitcoin’s value lies not as a speculative asset but in its potential as a global decentralized financial system. They may see this price as just another step in Bitcoin’s long-term trajectory.
oh. Once again, it seems certain that many OG hodlers have offloaded their ancient BTC holdings multiple times this year.
I want to know what they’re talking about, they’re clearly worried about something.
That begs the question. What do they know that we know… https://t.co/2YHgUojRPv
— Aaron Dischner (@MooninPapa) November 12, 2025
Voorhees also warned that interpretation of on-chain data can be misleading.
On-chain data is often used to track wallet movements, but a transfer of old coins does not necessarily indicate a sale. These may also represent portfolio reorganization, custody updates, and internal wallet management. This is a reminder that not all whale activity indicates bearish intent.
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