Why This OG Bitcoin Whale Just Offloaded 36K BTC — And What It Means for the Crypto Market’s Next Big Shakeup

Ever wonder what happens when a Bitcoin giant wakes up from a years-long slumber and decides to cash out billions in crypto? Well, this past weekend, that’s exactly what happened—and it wasn’t a small ripple; it was a tidal wave that sent Bitcoin tumbling below $113K. Imagine sitting on a stash untouched for over five years and then unleashing 24,000 BTC—worth a staggering $2.7 billion—onto the market all at once. That’s a nightmare scenario or a strategic move, depending on who you ask. This mega whale’s unloading sparked a sharp $4,000 drop and reignited debate over whether these ancient holders, sitting on 10,000x gains, are actually slowing down Bitcoin’s momentum or simply weathering the growing pains of a maturing market. As the market digests this colossal sell-off, one thing’s clear: absorbing that kind of supply isn’t for the faint-hearted. Dive into the full story to see how these moves are shaking up the market—and what’s really driving Bitcoin’s rollercoaster ride lately. LEARN MORE

Key Takeaways

Bitcoin dropped below $113K after a dormant whale sold billions, stoking fears that old holders are dragging the market. 

Bitcoin [BTC] faced intense selling pressure over the weekend after a long-dormant whale unloaded 24,000 BTC, worth roughly $2.7 billion, in a single move.

The massive sell-off triggered a sharp $4,000 drop, pushing the price down to the critical $113K support zone.

OG Bitcoin whale dumps Bitcoin

On-chain analyst Sani noted that the stash, untouched for more than five years, was fully liquidated and sent to Hyperunite, marking one of the largest individual dumps in recent memory.

On the 24th of August alone, the whale offloaded another 12,000 BTC to Hyperunite and, according to market observers, is still actively selling.

Prominent Bitcoiner Willy Woo linked the sluggish pace of Bitcoin’s current cycle to these massive whale movements. He argued that OG whales, who built stacks in 2011 at <$10 per BTC, now controlled supply.

Source: Willy Woo/X

Woo stressed that $110,000+ in new capital was needed to absorb each BTC they sold. He added that this drag wasn’t just about volume but also about cost basis, since these holders enjoyed 10,000x gains.

“You can look at this as BTC going through growing pains until these 10,000x gain investors are absorbed.”

How did BTC’s price react?

The latest sell-off coincided with reports of a longtime Bitcoin whale rotating over $2 billion from BTC into Ethereum [ETH]. In fact, that is a shift many link to Bitcoin’s $45 billion market cap plunge on the 24th of August.

As expected, the move triggered a cascade of sell orders, intensifying downward pressure. At press time, BTC traded at $111,742.53, down 2.83% after briefly dipping near $110,500, per CoinMarketCap.

Meanwhile, ETH traded at $4,627.68 after a drop of 2.96% in the past 24 hours.

Adding to the momentum, technicals like RSI and MACD also confirmed bearish momentum, with no signs of reversal.

Source: TradingView

However, not everyone agrees that long-time holders are driving the market downturn.

Not everyone is riding the same boat

A Bitcoin advocate known by the pseudonym Parman pushed back on the idea that early adopters, particularly those who accumulated coins in 2011, are actively offloading.

According to him, these “OG” holders are far less likely to liquidate substantial portions of their stacks.

“They’ll sell a little, maybe 10 mil, tops. There aren’t enough of them for this to make a big impact.”