Long-term Bitcoin holders — some with thousands of coins — are reportedly liquidating their holdings to take advantage of the tax benefits offered by Bitcoin ETFs and to diversify into broader blockchain projects.
Dr. Martin Hiesboeck, Head of Research at cloud-based financial services platform Uphold, explained that the current wave of selling among early Bitcoin adopters (often referred to as "OGs") reflects a strategic shift rather than panic selling.
“There are several reasons why OG crypto holders are selling,” Hiesboeck told reporters on Sunday. “The number one reason is to buy them back in the form of ETFs, which offer incredible tax advantages with the current rules, especially in the U.S.”
He added that another reason behind this shift is a changing perception within the crypto community. Many early adopters now see blockchain technology — rather than Bitcoin alone — as the true long-term revolution transforming global industries.
Major Whales Move Thousands of Bitcoins
Among the recent notable movers is Owen Gunden, one of the early Bitcoin arbitrage traders, who reportedly transferred the last portion of his massive 11,000 BTC holdings to an exchange — including 3,549 BTC on Sunday, according to data from Lookonchain.
This trend follows similar activity from several long-dormant Bitcoin whales, including a Satoshi-era holder controlling 80,000 BTC, who began shifting assets earlier this year after over 14 years of inactivity.
Bitcoin’s Growth Slows as It Matures
According to Hiesboeck, Bitcoin’s compound annual growth rate (CAGR) has been consistently decreasing, showing signs of maturity. Data from Bitbo indicates that Bitcoin’s four-year CAGR fell to around 13% as of November 2025 — the first time it’s remained in double digits after years of triple-digit expansion.
“Bitcoin is transitioning from a high-growth speculative asset to one used as a hedge against systemic financial risks and fiat instability,” Hiesboeck explained.
He noted that the introduction of spot Bitcoin ETFs has accelerated this maturity process by bringing in large institutional capital — typically less volatile than retail-driven markets. This, he said, is helping reduce price fluctuations and support a steadier long-term growth pattern.
Analysts: The Market Is Entering Its Next Phase
Macro analyst Jordi Visser recently suggested that Bitcoin may be entering its next evolutionary phase, where early holders cash out and new investors enter — mirroring the IPO stage of traditional markets. This broader ownership distribution, he argued, could make Bitcoin more stable and liquid in the long term.
Beyond Bitcoin vs. Altcoins
Hiesboeck also emphasized that the ongoing debate between Bitcoin maximalists and altcoin supporters is becoming outdated.
“The future isn’t about Bitcoin versus altcoins,” he said. “We’re in an exciting, fast-moving tech space with room for many transformative projects. OGs selling doesn’t signal a collapse — it shows growth and diversification.”
He concluded by noting that early adopters shedding some or all of their holdings represents not the end of belief in Bitcoin, but the natural evolution of a maturing asset class.
