Bitcoin’s recent sharp price decline is primarily driven by aggressive selling from long-term holders, known as OGs and megawhales, who have offloaded over 17,000 BTC, increasing exchange supply and intensifying downward pressure on the market.
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Whale Activity Surge: Three prominent Bitcoin OGs deposited 17,265 BTC to exchanges like Kraken and Binance, reducing their holdings significantly.
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Megawhales have net deposited 56,000 BTC to exchanges in recent days, outpacing withdrawals and signaling bearish sentiment.
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Price Impact: BTC has fallen from $116,000 to around $107,758, with key support at $106,124 and resistance at $111,513, per on-chain data from CryptoQuant.
Discover why Bitcoin whales are dumping BTC amid a price drop to $107k. Explore on-chain insights and market implications for investors in this detailed analysis. Stay informed—read on for key levels.
What is causing the recent Bitcoin price decline?
Bitcoin whale selling has emerged as the dominant factor behind the cryptocurrency’s sharp price drop from highs near $116,000 to current levels around $107,758. Long-term holders, including original Bitcoin enthusiasts (OGs) and large-scale megawhales, have intensified their selling activities, depositing substantial amounts to exchanges and boosting available supply. This on-chain movement, tracked by analytics platforms like Lookonchain and CryptoQuant, reflects waning confidence among major players and has accelerated the downtrend observed over the past week.
How has whale activity influenced Bitcoin’s market dynamics?
Recent data highlights a coordinated sell-off by key Bitcoin holders. According to on-chain monitoring from Lookonchain, one notable OG, identified as 1011short, transferred 13,000 BTC—valued at approximately $1.48 billion—to exchanges including Kraken, Binance, Coinbase, and Hyperliquid. This move alone significantly reduced the whale’s position, contributing to heightened selling pressure. Similarly, another holder, Owen Gunden, offloaded 3,265 BTC worth $364.5 million to Kraken, while insider whale 19D5 liquidated 1,000 BTC via the same platform, as reported by Darkfost analytics.
Source: CryptoQuant
In aggregate, these three OGs have divested 17,265 BTC, trimming their collective holdings and flooding the market with liquidity for potential sales. This pattern extends beyond individual actors; megawhales—entities controlling vast BTC reserves—have shown even broader activity. Checkonchain data indicates that on November 2, the balance change for these megawhales spiked to 32,600 BTC, only to fall to 23,400 BTC the following day, underscoring rapid transfers to exchanges.
Source: Checkonchain
Over the recent period, megawhales have net deposited 56,000 BTC to trading platforms, exceeding withdrawals by a wide margin. Such behavior typically signals a lack of conviction in short-term price recovery, as these large holders position themselves for anticipated further declines. Expert analysts from on-chain firms like Glassnode have noted that when exchange inflows from whales surpass outflows, it often correlates with increased volatility and downward price momentum, a trend evident in Bitcoin’s current chart patterns.
The broader implications of this whale selling extend to market liquidity. With more BTC available on exchanges, selling pressure mounts, making it harder for prices to stabilize or rebound without counterbalancing buying. Historical precedents, such as the 2022 bear market phases, show that sustained whale divestitures can prolong downturns, eroding retail investor sentiment and amplifying corrections.
Bitcoin’s price charts reflect this pressure vividly. After peaking at $116,000 just a week prior, BTC has retreated to a low of $106,000, trading at $107,758 as of the latest updates—a 2.79% daily decline. Technical indicators from platforms like TradingView point to weakening momentum, with the Relative Strength Index (RSI) dipping into oversold territory but lacking immediate reversal signals.
Frequently Asked Questions
Why are Bitcoin OGs and megawhales selling now?
Bitcoin OGs and megawhales are selling due to profit-taking after recent highs and concerns over macroeconomic factors like interest rate expectations. Data from Lookonchain shows deposits totaling over 17,000 BTC in the past days, reflecting a strategic reduction in exposure amid perceived overvaluation. This activity aligns with historical patterns where large holders lock in gains during volatile uptrends.
What support levels should Bitcoin investors watch during this decline?
During this Bitcoin price decline, key support sits at $106,124, with a critical lower threshold at $103,571 if breached. Resistance overhead is at $111,513 for any potential rebound. Monitoring these levels, as highlighted in on-chain reports from CryptoQuant, helps gauge whether selling pressure eases or intensifies, especially if retail accumulation by smaller holders picks up.
Key Takeaways
- Aggressive Whale Selling: OGs and megawhales have offloaded more than 17,000 BTC to exchanges, boosting supply and driving the price down from $116,000 to $107,758.
- Net Exchange Inflows: Megawhales deposited 56,000 BTC net in recent sessions, per Checkonchain, indicating bearish conviction and potential for further short-term losses.
- Price Outlook: BTC faces resistance at $111,513 for recovery; breaking $106,124 support could target $103,571—watch for retail buying or macro data to shift dynamics.
Conclusion
The ongoing Bitcoin whale selling episode underscores the influence of large holders on market direction, with over 17,000 BTC dumped recently exacerbating the price decline to $107,758. As on-chain data from sources like Lookonchain and CryptoQuant illustrate, this surge in exchange supply reflects strategic repositioning amid uncertainty. Investors should remain vigilant for technical support levels and positive economic signals, which could pave the way for stabilization and renewed upward momentum in the coming weeks.
