Bitcoin’s Slow Climb Driven by OG Whales’ Profit-Taking

On-chain data show Bitcoin’s current uptrend is unusually gradual due to profit-taking by ‘OG whales’ – early investors who bought BTC around $10 in 2011. Analyst Willy Woo explains that these long-term holders sit on massive unrealized gains. When they sell, the market needs over $110,000 in fresh capital per BTC to absorb their supply without pushing prices down, creating persistent resistance. A prominent example comes from a whale that originally received 100,784 BTC (~$11.4 billion value) and recently rotated 22,769 BTC (~$2.59 billion) into Ethereum. The trader deposited BTC on Hyperliquid for sale, used proceeds to buy 472,920 ETH (~$2.22 billion) and opened a 135,265 ETH long position (~$577 million). This aggressive Ethereum rotation underscores the scale of profit-taking on Bitcoin. Beyond structural selling pressure, weekends intensify volatility. Lower liquidity during off-hours allows large players to exploit thin order books. CryptoQuant’s chain metrics reveal rising exchange reserves before weekend dips and excessive long positioning driving liquidation cascades, a pattern dubbed a “liquidity trap.” Short-term holders also take profits, amplifying price swings. Traders should anticipate continued headwinds for Bitcoin’s momentum in the near term, as large BTC sales and liquidity constraints cap rapid gains. However, gradual capital inflows could sustain a slow but steady ascent over the long term.