Bitcoin News Today: Bitcoin's OG Whales Are Selling—Who Will Absorb the Flood?

A major Bitcoin whale executed a significant sell-off of 23,968 BTC, valued at over $2.7 billion, in a transaction that triggered a short-term correction in Bitcoin’s price. The sell event occurred within minutes during a volatile period that saw Bitcoin drop from $114,000 to $110,000 over the weekend following the Federal Reserve Chair Jerome Powell’s dovish speech at the Jackson Hole Economic Symposium. Onchain data from sources like Glassnode indicate that the whale’s actions reflect broader distribution patterns across multiple wallet cohorts, with mid-sized holders playing a central role in the price movement [3].

This sell-off coincided with broader distribution trends among Bitcoin holders, as noted in onchain analytics. All BTC wallet groups have begun offloading their holdings, led by the 10–100 BTC cohort. The synchronized behavior across wallet sizes points to widespread sell-side pressure, which has weighed on price stability and signaled a potential bearish shift. Analyst Boris Vest highlighted that smaller holders have been accumulating steadily since the recent peak, while wallets in the 1–10 BTC range resumed buying below $107,000 [4].

The sell-off and broader market dynamics were accompanied by a record-breaking performance from Ethereum. Ether, Ethereum’s native token, reached a new all-time high of $4,945.60 after surpassing its previous record of $4,878, set in November 2021. Institutional interest in ether has been a key driver of its performance, with several companies adopting strategies similar to Michael Saylor’s, who has been a long-time advocate for crypto assets. Digital asset treasury companies, ETFs, and bullish sentiment have contributed to the token’s upward trajectory [2].

Analysts have also weighed in on the implications of early Bitcoin investors’ selling behavior. Willy Woo, a well-known crypto analyst, noted that the early "OG whales" who acquired Bitcoin in the 2011 era hold a significant portion of the supply and are selling at a rate that affects price dynamics. With their cost basis at $10 or lower, it takes substantial new capital—over $110,000 per BTC—to absorb their sales. This pattern, according to Woo, indicates that Bitcoin is going through “growing pains” as these early investors are gradually absorbed by the market [3].

Conversely, some Bitcoin advocates, including pseudonymous investor Parman, argue that the impact of early holders is overstated. Parman notes that the number of early investors is relatively small and that even a large-scale sell-off would not necessarily have a significant impact. This debate underscores the uncertainty surrounding Bitcoin’s price trajectory and the influence of whale activity in a market still dominated by retail and institutional speculation [3].

On a broader scale, Bitcoin’s seasonal tendencies also play a role in its performance. Historical data suggests that the period from August to September often sees weaker performance, especially with the “ghost month” from August 23 to September 21, traditionally marked by reduced market participation and profit-taking. With the current pullback aligning with this pattern, market participants are closely watching whether Bitcoin can stabilize above $105,000, a level identified as key technical support by several onchain analysts [4].

Source: [1] Top Hyperunit Ecosystem Coins by Market Cap (https://www.coingecko.com/en/categories/hyperunit-ecosystem) [2] Ether, Ethereum's coin, breaks 2021 all-time high (https://www.axios.com/2025/08/24/ether-all-time-high) [3] Bitcoin Not Rising Quickly Enough? Analyst Says Early ... (https://finance.yahoo.com/news/bitcoin-not-rising-quickly-enough-203110676.html) [4] Bitcoin holders 'distribute' as $105K becomes BTC's last ... (https://cointelegraph.com/news/bitcoin-holders-distribute-as-dollar105k-becomes-btc-s-last-stronghold) [5] Ethereum Hits Record, Cryptos Reverse On Bitcoin 'Flash ... (https://www.investors.com/news/ethereum-price-record-high-bitcoin-cryptocurrency-fed-speech/)