Charles Edwards, founder of Capriole Investments, has identified a concerning trend in the Bitcoin (BTC) and broader cryptocurrency market that adds to the ongoing sentiment of bearishness among investors.
Accompanying his remarks was a chart illustrating the extent of this phenomenon, showing on-chain spending from “OG” Bitcoin holders—those who have held their assets for over seven years.
The chart prominently features two color-coded categories: orange for $100 million dumps and red for $500 million dumps, vividly demonstrating the scale of liquidations by these long-term investors.
Notably, the chart reveals that OG Bitcoin whales have been offloading their assets continuously since November 2024, which helps explain Bitcoin’s underperformance compared to other risk assets throughout 2025.
Despite this selling pressure, the market has exhibited unusual resilience, absorbing these large sell-offs without experiencing the drastic price declines typically seen in previous cycles.
This behavior represents a new pattern for the market, as Wall Street analysts have noted that the net sales from long-term holders have surpassed 1 million Bitcoin since late June, according to research from Compass Point analyst Ed Engel.
A significant liquidation of leveraged crypto positions on October 10 further compounded the market’s struggles, with Bitcoin failing to regain critical support levels of $117,000 and then $112,000.
His firm, which had previously predicted Bitcoin would fall to $100,000, now believes the market could be “a few weeks away” from finding a buyable bottom.
Thielen also warned of a potential correction that could see Bitcoin prices decline further, citing the recent strength of the US dollar as an additional challenge for the crypto markets.
He mentioned an “air pocket” below $93,000, indicating a lack of support that could lead to further liquidations, possibly driving prices down to the $70,000 range.
Featured image from DALL-E, chart from TradingView.com
