Long-term Bitcoin holders, known as whales, have reportedly sold millions of dollars from their BTC stash throughout 2025, raising alarms about a possible decline in Bitcoin’s price recovery. With the current market conditions, Bitcoin’s price may drop to approximately $90,000 if the trend continues.

Key Insights:

• Established Bitcoin whales are selling aggressively, with a reported 1,000 BTC offloaded per hour in 2025.
• A bearish pennant formation indicates a potential price drop to $89,600.

Bitcoin’s price is under pressure as long-term holders continue to liquidate their assets. According to Charles Edwards, co-founder of Capriole Investments, the situation is concerning.
“Super whales are cashing out from Bitcoin,” he noted, sharing the implications for BTC’s market.

Trends Among Whales

The BTC/USD pair has faced a downturn, trading 18.7% below its all-time high achieved recently. As bearish pressure mounted, many over-leveraged traders were liquidated, compounding market instability.

Despite the selling pressure, some analysts highlight that this could be a normal adjustment phase for Bitcoin’s bullish cycles, while others think this downturn stems from sales by long-term holders.

A chart presented by Edwards outlines on-chain spending by Bitcoin’s earliest adopters. The substantial dumps indicate significant selling activity from these whales, beginning in November 2024 and escalating into 2025.

“The chart is filled with color in 2025,” Edwards stated, emphasizing the selling intensity.

“OGs are cashing out.”

Bitcoin OG Whale Dumping
Source: Glassnode

Additionally, data indicates that these high-spending scenarios have persisted since the year’s start.

“The key distinction this cycle is that these OG high-spending events are repetitive, signaling ongoing distribution.”

Bitcoin’s Price Pattern

Recent analysis from Cointelegraph Markets Pro indicates Bitcoin is forming a bear pennant pattern. If this pattern breaks below the support level of $100,650, the next price drop could reach $89,600.

Conclusion

Traders are currently eyeing the $100,000 level as a critical support base, with many anticipating a defensive stance from bulls at this threshold. Further declines below $100,000 could usher in a new downtrend for Bitcoin.

This article does not offer investment advice or recommendations.