After searching around, I found this news, which was reported last night around 7 PM. I just found it, and this might be the reason for the recent weakness in Bitcoin. Below is a repost:

OG Whales Hinder Bitcoin's Rise: 2011 Holders' Sell-off is the Culprit

Bitcoin has once again plummeted — a 2.2% drop in price within 9 minutes, to $112,174, with a market value evaporation of $45 billion.

➡️ Who is Selling

🟡 According to Willy Woo, the main sell-off is coming from OG holders who bought BTC at $10 in 2011.

🟡 To offset every BTC they sell, the market needs $110,000 in new funds.

🟡 One whale sold 18,142 BTC (approximately $2 billion) and exchanged it for 416,598 ETH, some of which has been staked.

➡️ What Happened

🟡 Since August 16, this whale has transferred 24,000 BTC (about $2.7 billion) to Hyperliquid and made large-scale purchases of ETH.

🟡 At its peak, their ETH holdings reached 551,861 ETH (around $2.6 billion), making a profit of $185 million in ETH/BTC trading.

🟡 Once the long positions are closed, the market reverses, triggering a wave of selling.

➡️ What’s Next

🟡 This whale still has 152,874 BTC in their cold wallet.

🟡 Another major player has also shifted to ETH, selling 670 BTC (about $76 million) to go long on ETH.

🟡 Since April, ETH has risen by 220%, starting to siphon funds away from Bitcoin.

📊 Conclusion: Old BTC holders who bought at only $10 are cashing out, while new funds are flowing into ETH. Bitcoin is under pressure, and Ethereum is benefiting.

Below are my thoughts:

The market has long classified wallets that have not moved for over 5 years as lost keys, always basing price expectations on the actual circulating supply of about 7.1 million Bitcoins. They haven’t considered the share of these wallets in terms of liquidity, but recently it seems we were all wrong; there are still a large number of cold wallets that have been inactive for over 10 years, and they are still alive.

The current market situation shows that it is not prepared to deal with the collective recovery of these “preemptive whales.”

Not only retail investors are unprepared; institutions are as well.

One silver lining is that these whales have not truly exited the market; they have only chosen to shift into Ethereum and reduce their holdings. If a concentrated recovery occurs without changing positions, and they simply cash out, the discomfort may not only affect retail investors; price expectations may need to be re-evaluated.