Charles Edwards, founder of Capriol Investments, has identified a worrying trend in the Bitcoin (BTC) and broader cryptocurrency market, adding to the ongoing bearish sentiment among investors.
More than 1 million Bitcoins have been sold by investors since June
Recently mail On social media platform X (formerly Twitter), Edwards highlighted that “OG” Bitcoin whales are actively cashing out their holdings.
He attached a graph to his statements illustrating the extent of this phenomenon, showing on-chain spending from “OG” Bitcoin holders – those who have held their assets for more than seven years.
The chart prominently features two color-coded categories: orange for $100 million dumps and red for $500 million dumps, clearly illustrating the amount of liquidation by these long-term investors.
Notably, the chart reveals that OG Bitcoin whales have been continuously offloading their assets since November 2024, which helps explain Bitcoin’s poor performance compared to other risky assets throughout 2025.
Despite this selling pressure, the market showed extraordinary resilience, absorbing these large sell-offs without experiencing the sharp price declines typically seen in previous sessions.
This behavior represents a new pattern for the market, as Wall Street analysts have noted that net sales from long-term Bitcoin holders have exceeded 1 million Bitcoin since late June, according to research by Compass Point analyst Ed Engel.
Potential Liquidations Lead Bitcoin to $70,000
The massive liquidation of leveraged cryptocurrency positions on October 10 exacerbated the market’s distress, as Bitcoin failed to reclaim critical support levels of $117,000 and then $112,000.
Marcus Thelen, founder and CEO of Singapore-based 10X Research, expressed his concerns in a chat interview With Yahoo Finance, noting that the inability to recover these levels indicates that the market may already be in a down cycle.
His company, which previously predicted that Bitcoin would fall to $100,000, believes the market could be “a few weeks away” from finding a buyable bottom.
Thielen also warned of a potential correction that could send Bitcoin prices lower further, citing recent strength in the US dollar as an additional challenge for cryptocurrency markets.
He noted an “air pocket” below $93,000, indicating a lack of support that could lead to further liquidation, which could take prices down to the $70,000 range.
Featured image of DALL-E, chart from TradingView.com
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