Bitcoin News Today: Bitcoin's Price Stuck as Whale Buying Fails to Outpace OG Sell-Off

Bitcoin's second-largest whale accumulation fails to push BTC past $106K

Bitcoin's price recovery has hit a wall as whale activity intensifies but falls short of breaking through the $106,000 resistance level, while long-term holders continue offloading their holdings, stoking concerns about the cryptocurrency's near-term trajectory. Despite a 8.7% rebound to $107,500 earlier this week, BTC has since retreated below $103,000, underscoring the fragility of bullish momentum.

Data from onchain analytics firm CryptoQuant reveals that Bitcoin whales-holders of 1,000 BTC or more-accumulated 45,000 BTC in the past week, marking the second-largest weekly accumulation of 2025. Analysts attribute this to "capitulation of small investors," with large players exploiting discounted prices to build their positions. However, this influx of spot buying has not translated into broader market conviction. Glassnode noted in its Week Onchain report that renewed demand from new entrants, such as day traders and retail investors, is critical to pushing prices above $106,000.

Meanwhile, long-term holders, particularly those with wallets holding over 10,000 BTC, have maintained a steady selling streak since August, according to The Accumulation Trend Score (ATS) by Glassnode. This cohort's sustained distribution contrasts sharply with smaller investors, who remain in accumulation mode. The ATS, which measures relative buying or selling behavior across wallet sizes, highlights a stark divide: whales are distributing, while smaller holders are net buyers. This dynamic has intensified downward pressure on BTC, with prices hovering near $102,000 as of late November.

The selling pressure from "OG" Bitcoin whales-holders of coins older than seven years-has further complicated the market. On-chain data from Glassnode shows frequent $100 million to $500 million outflows from these early adopters since late 2024, with the trend accelerating in 2025. Capriole Investments co-founder Charles Edwards warned that this "cash-out" activity threatens to drive BTC below $90,000, citing a bear pennant pattern in price action. Similarly, analyst Ted Pillows noted that Bitcoin's failure to reclaim the $105,000–$106,000 range has eroded key support levels, raising the risk of a cascade to $70,000 if the $93,000 threshold breaks.

Erik Voorhees, a long-term Bitcoin advocate, emphasized that OG holders often prioritize Bitcoin's adoption over short-term price movements. However, their selling activity-whether for profit-taking, portfolio rebalancing, or macroeconomic factors-has introduced volatility. Voorhees cautioned that interpreting on-chain data requires nuance: large transfers could also represent portfolio reorganization rather than bearish intent.

Market observers are closely watching the interplay between whale accumulation and distribution. While some argue that heavy OG selling has not yet triggered a price collapse-unlike past cycles-this resilience may hinge on continued demand from institutional buyers and dollar-cost averaging investors according to Ki Ecke's analysis. Analysts at Ki Ecke's OG Bitcoin whales sell-off analysis 2025 report warn that the market remains in a "chop zone," with outcomes dependent on whether bulls can reclaim $112,000 or if bears break below $93,000 according to their report.