OG whales are selling billions in Bitcoin, causing slow gains and flash crashes, according to analyst Willy Woo.
Bitcoin’s recent slow upward movement has drawn attention from investors, with analyst Willy Woo pointing to long-term holders as a key factor. These early Bitcoin investors, often called “OG whales,” are selling their assets in large amounts, slowing the pace of growth. Woo explained that the selling pressure from this group makes it harder for new capital to push the price higher.
OG Whales and Their Role in Bitcoin’s Price Movement
According to Willy Woo, Bitcoin’s supply is highly concentrated among OG whales who began accumulating in the early years. Many of these holders bought Bitcoin in 2011 at $10 or less. He noted that this low entry price makes their current selling very influential in today’s market.
Woo said it now takes over $110,000 of fresh capital to absorb each Bitcoin they sell. This creates challenges for buyers who need far more money to push prices higher. The concentration of supply in the hands of these early investors is delaying stronger upward price moves.
The analyst added that the rate of selling by OG whales directly affects how much new capital is required to lift the market. As a result, the slow pace of Bitcoin’s climb is closely tied to the strategies of these large holders.
Whale Activity Behind Bitcoin Flash Crash
On Sunday, Bitcoin suddenly fell by 2% within minutes, with traders pointing to a major whale transaction. Reports suggest a large Bitcoin holder rotated billions into Ether, sparking a cascade of sell orders. The move reduced Bitcoin’s market value by $45 billion during the drop.
Data shows that over 24,000 Bitcoin worth $2.7 billion were transferred to the decentralized platform Hyperliquid across several transactions. Out of this, 18,142 Bitcoin worth about $2 billion were sold and converted into Ether. The whale also staked a large amount of Ether, suggesting a long-term shift in strategy.
The sharp sell-off drove Bitcoin down from $114,666 to $112,174 within less than an hour. Ether also dropped around 4% during the same period before both assets recovered part of their losses. Analysts believe the whale used a profitable trading strategy that influenced both spot and derivative markets.
More Bitcoin Could Be Sold in the Coming Weeks
Market observers warn that the whale may still hold more Bitcoin that could be moved into the market. Blockchain records suggest the individual controls over 152,000 Bitcoin spread across several wallets. These funds were inactive for years before being transferred earlier this month.
Another whale also sold 670 Bitcoin worth $76 million to open a long position in Ether last week. This points to a growing trend of large holders rotating from Bitcoin to Ether as part of new strategies. Ethereum has gained 220% since April, making it an attractive option for some investors.
This guy is really rotating everything into ETH huh?
So far he has sold 18.142K BTC worth $2.04B at current prices.
He’s now selling the last 5.968K BTC ($670M), of which 4.968K BTC ($678M) is still outside Hyperliquid.
So far, the 2 entities have bought 416.598K ETH…
— MLM (@mlmabc) August 24, 2025
Crypto analyst MLM noted that the earlier trades helped the whale earn more than $185 million from an ETH/BTC position. The activity caused traders to adjust their positions quickly, adding more volatility to the market. As long as OG whales continue selling, Bitcoin’s rise is expected to remain gradual.
