Key Insights
- Bitcoin price hovers near $107,000 as OG wallets sell over 21,000 BTC worth $2.25 billion.
- Short-term traders and whales control supply, making price moves faster and more unstable.
- A 3.5% move above $111,999 could restore steady momentum and confirm a stronger uptrend.
The Bitcoin price was near $107,000 at press time. It looks steady on the chart, but under the surface, the control of Bitcoin is changing. Old wallets are selling, while whales and short-term traders are stepping in.
That shift has made the market faster and more unpredictable. If Bitcoin can rise 3.5% to cross $111,999, it could confirm the next strong move.
Until then, volatility may continue. Here’s why!
Bitcoin Price: Old Holders Are Selling for the First Time in Months
Some of BTC’s oldest wallets, those that have held coins for over seven years, are finally being sold. These are called OG wallets.
They reduced their holdings by about 21,300 BTC, worth $2.25 billion, over the past week, per CryptoQuant. It is the largest drop since July, which has sparked discussions over its impact on Bitcoin price.
OG holders usually hold through market cycles and sell only when conditions change. This time, they might be taking profits or planning for taxes before the year ends.
When these long-term wallets move, it often shakes the market because they control large amounts of supply.
Such selling does not mean a price crash is coming, but it usually adds short-term pressure. It shows that the calm hands that kept Bitcoin stable are slowly exiting.
BTC Whales and Short-Term Traders Are Now in Control
As OG holders sell, whales: wallets with massive amounts of Bitcoin, are making up. Since late October, they have added almost 36,000 BTC, bringing their total to 8.17 million BTC.
This shows big investors are still confident in Bitcoin’s long-term vision.
But they are not alone. Short-term holders, or traders who buy and sell within weeks, are now more active. This is visible courtesy of the spike in spot demand. These quick traders often sell small rallies to lock in profits.
That keeps prices moving sharply both ways; fast gains followed by fast dips. This is why the Bitcoin (BTC) price feels more volatile even when the overall trend stays positive.
The growing influence of short-term traders makes the market more reactive to small news or price changes. Whales and traders are both buying, creating short bursts of volume instead of slow, steady buying.
Market Is Busy, but Bitcoin Price is Not Stable
At press time, Bitcoin price was still near $107,000, holding support but facing hurdles. To show a clear breakout, the price of BTC must rise at least 3.5% to pass $111,999.
That is the resistance level that could turn the mood around. Until that happens, the market stays fragile.
With fewer long-term holders and more active traders, Bitcoin reacts faster to small market signals.
A single big order or sudden sell-off can move prices more than usual. Data from spot markets also shows a rise in trading activity from new wallets, while old wallets remain quiet.
This supports the view that the market is shifting toward faster, shorter trading cycles. Even with short-term swings, the bigger picture is still healthy.
Since June, Bitcoin price has made higher lows, meaning each dip stopped at a higher level than before.
Meanwhile, the RSI (Relative Strength Index), which measures buying and selling energy, has made lower lows.
That difference, called a “hidden bullish divergence,” often signals that a hidden strength is building in the trend.
Once short-term traders take profits and the selling eases, a fresh wave of buying could lift the Bitcoin price again.