“OG Bitcoin whales are dumping,” is the overarching narrative surrounding the latest Bitcoin selloff. Yet, amid nonstop chatter that Bitcoin’s earliest supporters are behind its latest price slide, on-chain analyst Willy Woo points to “nuance” in the metrics. On-chain moves don’t tell the full story; the old-guard may not be caving in just yet.
“OG Bitcoin whales are dumping.”
“Chart shows OG Bitcoin whales have been dumping non-stop since November 2024.”
“OG bitcoin whales are dumping and sentiment is horrible.”
He noted how much the market has changed as Bitcoin’s early advocates are giving way to TradFi giants like JPMorgan, and “99.5% of funds in the spot bitcoin ETFs haven’t sold in this 20% drawdown”
“So who’s been selling? To quote that horror movie, “ma’am, the call is coming from inside the house”
Woo points out that on-chain data only shows coins “moving,” not the real-world intent behind the transaction. So while headline charts point to OG Bitcoin whales “dumping,” the resilience of price under this massive movement highlights market absorption and deeper reasons than just whales cashing out.
Data from Capriole, Bloomberg, and top traders all confirm heavy OG activity, but ETF outflows remain minimal, and the price, while pressured, absorbed more than 1 million BTC in sales with far less carnage than past cycles. Not all ancient coin movement is dumping, so pay attention to on-chain nuance rather than the rumors. What you see may not be what you get.
