Bitcoin’s recent rally above $107,000 has brought bullish sentiment across the crypto market. But behind the scenes, some of Bitcoin’s earliest holders are quietly dumping billions of dollars worth of BTC to exchanges.
One of them, an OG whale, has reportedly moved his remaining 11,000 BTC worth over $1.1 billion to exchanges, raising a big question, are the first Bitcoin investors starting to sell?
After years of dormancy, long-time Bitcoin holder Owen Gunden, known as one of the early “OGs” of the space, has recently transferred a massive amount of Bitcoin.
According to data from Lookonchain, Gunden recently transferred 3,549 BTC (around $361 million) to new wallets, with 600 BTC already sent to the Kraken exchange, a sign that selling could be imminent.
He isn’t alone, several early Bitcoin wallets from the Satoshi era, untouched for more than a decade, have suddenly become active again.
At first glance, such big moves might sound alarming. But analysts believe this isn’t a bearish signal, it’s a sign of Bitcoin’s maturity. These early holders aren’t losing faith in Bitcoin; they’re simply changing how they manage their wealth..
According to Dr. Martin Hiesboeck, head of research at Uphold, these early Bitcoin holders aren’t turning bearish. They’re rotating. Many are selling spot Bitcoin only to buy it back through ETFs, which now offer significant tax advantages and institutional-grade safety.
“With U.S. tax rules favoring ETFs, this move makes perfect sense,” says Hiesboeck. “It’s not about giving up on Bitcoin, it’s about holding it smarter.”
The shift also reflects a mindset change. Early adopters once saw Bitcoin as a revolution against traditional finance. Now, it’s being embraced as part of that same system, a regulated, tradable, and institutional-grade asset.
For years, Bitcoin’s explosive gains defined its identity. But its compound annual growth rate has now cooled to around 13%, signaling that the world’s largest cryptocurrency is moving into a steadier, more predictable phase.
Macro analyst Jordi Visser calls this the “distribution era,” where old whales take profits and new institutional investors enter the market.
So, while OGs may be cashing out, it doesn’t mean Bitcoin’s story is ending. Instead, it shows the crypto king is growing up, evolving from a bold experiment into a stable global investment asset.
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