Bitcoin Whales Move Over $3 Billion to Exchanges as OG Holders Cash Out

Bitcoin (BTC) whales are offloading their holdings amid market volatility. Lookonchain noted that a “Bitcoin OG” wallet that accumulated BTC in 2013 moved 1,000 BTC worth $71.57 million to Binance.

“This OG received 5K $BTC(cost $1.66M) at $332 12 years ago, and started selling $BTC on Nov 26, 2024, selling a total of 3,500 $BTC($337M) at ~$96,262. Total profit: $442M — a 266x return,” the post read.

In a separate post, Lookonchain noted that Owen Gunden, one of Bitcoin’s earliest holders, transferred 650 BTC, valued at $46.3 million, to Kraken. Gunden previously sold 11,000 BTC stack worth $1.12 billion in late 2025

On-chain data paints a broader picture. Analyst Maartunn reported that Bitcoin whale addresses have transferred a massive 44,459 BTC, worth approximately $3.15 billion, to exchanges. 

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Sovereign sellers are also contributing to the supply pressure. BeInCrypto reported that the Royal Government of Bhutan moved 375 BTC earlier this week, continuing a drawdown that has cut the country’s holdings from 13,000 BTC to approximately 4,452.79 BTC since late 2024.

Bitcoin Falls Over 4% Amid Macro Headwinds

The selling pressure comes as the largest cryptocurrency continues to face market headwinds. Yesterday, the Federal Reserve held interest rates steady at 3.50%–3.75%. 

Lower interest rates are often viewed as “bullish” for crypto. When the Fed cuts rates, it effectively lowers borrowing costs and increases liquidity in the financial system. This tends to weaken the dollar, making alternative assets more appealing to investors seeking higher returns. 

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However, rising oil prices driven by the ongoing Middle East conflict have clouded the outlook for rate cuts and triggered inflation concerns. This creates a tough climate for risk assets, including Bitcoin.

Moreover, February’s Producer Price Index surged 0.7% month over month. This was more than double the 0.3% consensus. The development triggered a decline in BTC’s price.

According to the latest data from BeInCrypto Markets, BTC was trading at $70,862, down over 4% in the past day.