🧵 Let’s set the record straight.
Recent narratives such as “OG Whales Dumping” or “Bitcoin’s Silent IPO” have sparked debate.
However, the data tells a more nuanced story. Using Glassnode’s on-chain models, we’ll break down what’s actually happening beneath the surface👇
Long-term holders have been realizing profits throughout this cycle, just as they did in every previous one.
By late August, the scale of profits taken by seasoned investors after breaking the ATH climbed to levels fully consistent with prior cycle peaks — not an anomaly, not specifically “OG dumping,” but normal bull-market behavior.
📉
A closer look at the monthly average spending by long-term holders reveals a clear trend: outflows have climbed from roughly 12.5k BTC/day in early July to 26.5k BTC/day today (30D-SMA).
This steady rise reflects increasing distribution pressure from older investor cohorts — a pattern typical of late-cycle profit-taking, not a sudden exodus of whales.
📉
Even when we isolate 7+ year-old whale wallets spending more than 1k BTC per hour, the data tells a consistent story.
These high-magnitude spends were not unique to this cycle — they’ve occurred in every major bull phase.
What stands out now is their frequency: OG whale >1K BTC spending events appeared more regularly and evenly spaced, pointing to persistent, staggered distribution, not a sudden coordinated “OG dump.”
📉
30.24K
141
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.