Anna-汤圆 蓝鸟会
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Woke up, and the sky has fallen!
🚨 The secret hand behind Bitcoin's drop: OG whales make their move
Last night, the price of Bitcoin suddenly plummeted, dropping 2.2% in just 9 minutes, hitting $112,174 at one point, with a market value evaporating by 45 billion dollars. The market was in an uproar, but the hidden hand behind it might not be the panic of retail investors, but rather—OG holders from over a decade ago.
🔹 Whale Movements
According to on-chain data, old players who bought Bitcoin for less than $10 in 2011 began to reduce their holdings on a large scale.
A recent transfer from one OG wallet moved out 24,000 BTC (approximately 2.7 billion dollars), with a single sale of 18,142 BTC (about 2 billion dollars).
More critically, they did not cash out directly but converted it into over 410,000 ETH and partially staked it.
This operation netted them 185 million dollars in the ETH/BTC pairing. Currently, this wallet still holds over 150,000 BTC.
🔹 Why was the market caught off guard?
In the past, people were used to considering Bitcoin that had not moved for over 5 years as “lost,” with the actual circulating supply estimated to be around 7.1 million BTC.
However, this revival of the OG wallet broke that consensus:
It indicates that there are still a large number of wallets that have not moved for over 10 years and are still available for use.
The market's understanding of supply and liquidity may be significantly off.
Price models may thus become ineffective.
🔹 My Perspective
The market was not prepared: whether retail or institutional, no one considered the “revival of ancient whales” as a risk variable.
Fortunately, it is not a full cash-out: currently, these whales are more about reallocating to ETH or partially reducing their positions, rather than completely exiting the market.
The risk is still not eliminated: if more old wallets choose to collectively sell, the BTC price may face systemic re-evaluation.
🔹 Future Possibilities
ETH siphoning effect: Since April, ETH has risen by 220%, with more and more funds flowing from BTC to ETH.
BTC pricing logic may be reconstructed: if the market has to re-include OG wallets in liquidity, then the expected basis of 7.1 million no longer exists.
Whale games: Where these funds flow will determine the future focus of the crypto market.
#加密市场回调 #比特币远古巨鲸持续出清
$BTC
$ETH
🚨 The secret hand behind Bitcoin's drop: OG whales make their move
Last night, the price of Bitcoin suddenly plummeted, dropping 2.2% in just 9 minutes, hitting $112,174 at one point, with a market value evaporating by 45 billion dollars. The market was in an uproar, but the hidden hand behind it might not be the panic of retail investors, but rather—OG holders from over a decade ago.
🔹 Whale Movements
According to on-chain data, old players who bought Bitcoin for less than $10 in 2011 began to reduce their holdings on a large scale.
A recent transfer from one OG wallet moved out 24,000 BTC (approximately 2.7 billion dollars), with a single sale of 18,142 BTC (about 2 billion dollars).
More critically, they did not cash out directly but converted it into over 410,000 ETH and partially staked it.
This operation netted them 185 million dollars in the ETH/BTC pairing. Currently, this wallet still holds over 150,000 BTC.
🔹 Why was the market caught off guard?
In the past, people were used to considering Bitcoin that had not moved for over 5 years as “lost,” with the actual circulating supply estimated to be around 7.1 million BTC.
However, this revival of the OG wallet broke that consensus:
It indicates that there are still a large number of wallets that have not moved for over 10 years and are still available for use.
The market's understanding of supply and liquidity may be significantly off.
Price models may thus become ineffective.
🔹 My Perspective
The market was not prepared: whether retail or institutional, no one considered the “revival of ancient whales” as a risk variable.
Fortunately, it is not a full cash-out: currently, these whales are more about reallocating to ETH or partially reducing their positions, rather than completely exiting the market.
The risk is still not eliminated: if more old wallets choose to collectively sell, the BTC price may face systemic re-evaluation.
🔹 Future Possibilities
ETH siphoning effect: Since April, ETH has risen by 220%, with more and more funds flowing from BTC to ETH.
BTC pricing logic may be reconstructed: if the market has to re-include OG wallets in liquidity, then the expected basis of 7.1 million no longer exists.
Whale games: Where these funds flow will determine the future focus of the crypto market.
#加密市场回调 #比特币远古巨鲸持续出清
$BTC
$ETH
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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