Bitcoin Whales Drop $271M in BTC: What’s Next?
The data shows that Bitcoin (BTC) investors who have held their positions for more than seven years have made a profit of $271 million by selling BTC.
The same “OG whale” wave of selling in January coincided with a very weak market with no buyer interest, leading to a sharp drop in BTC price. Current onchain data reflects a very strong market where the absorption of BTC supply and reduced selling allows Bitcoin to hold its position in the $70,000-$72,000 range.
OG Whale BTC supply meets strong absorption.
According to data from Capriole Investments, Bitcoin's “OG whale cost price” moved about $271 million on Sunday. This $280 million increase in outflows marks the largest increase in activity for this group since January 10, when it went from $90,000 to $78,700 in the two weeks prior to the 13% correction.
While the whale's activity may raise concerns among investors, this activity is historically consistent with measured profitability rather than volatile selling.
Glassnode suggests a stronger absorption capacity than other containers. The data shows that the 30-day net position change for long-term holders remained positive at 88,000 BTC on Thursday. This follows a reversal from the deep negative flow of -152,000 BTC recorded in February, reducing the supply pressure that was already there.
The accumulated group continued to expand its holdings. Cointelegraph reported on Tuesday that the total balance exceeded 4.3 million BTC, rising to 4.5 million on Thursday.
This shows the continued transfer of coins to stronger hands, reducing the impact of selling from older wallets.
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Bitcoin's “stress cycle” hasn't changed yet, the analyst says
CryptoQuant analyst MorenoDV highlighted two key indicators shaping BTC's current position. The short-term Sharpe ratio has fallen to -40, a level historically associated with major rally levels in 2015, 2019, 2020 and 2023.
At the same time, the delta of buying and selling pressure (30) shows the completed capitation level, which is a sign of strong selling pressure below -0.05. The gauge is now moving into neutral territory, indicating that forced selling has subsided and demand is slowly rebuilding.
Previous cycles have shown that peak asymmetry emerges after the delta re-enters clear buy-pressure zones. Current readings are placed between fatigue and proven interest acquisition.
Analysts say macro factors and liquidity flows continue to shape the pace of this transition.
“For investors with a cycle-aware framework, the data suggests we're closer to the beginning of an opportunity than the end of one.”
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