Bitcoin

Bitcoin OGs Are Dumping BTC: Early Winter or Pre-Rally Blues?

7 hours ago
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Key Notes

  • Bitcoin fell to $107,000 as bearish momentum hit early on November 3.
  • This follows large exchange deposits from early Bitcoin OGs, fueling market caution.
  • Crypto experts believe OGs’ moves may be strategic, not bearish.

Bitcoin

BTC
$107 202



24h volatility:
2.9%


Market cap:
$2.14 T



Vol. 24h:
$46.89 B

started the week on a shaky note as bears took over the broader crypto market in the early hours of Nov. 3. As of writing, BTC slipped to $107,000, marking a 2% drop in its market cap.

This drop follows a wave of exchange deposits from early Bitcoin holders, often referred to as “OGs.” According to Lookonchain, an early Bitcoin investor has deposited roughly 13,000 BTC (worth $1.48 billion) to Kraken, Binance, Coinbase, and Hyperliquid since Oct. 1.


Similarly, another OG, Owen Gunden, has moved 3,265 BTC ($364.5 million) to Kraken since Oct. 21.

Analysts Divided on the Meaning of Whale Movements

Such massive transfers often stir market fear, as investors worry that whales may be preparing to sell. While some see these moves as the beginning of a “crypto winter,” others believe the opposite.

Crypto influencer Joe suggested on X that OGs often “spook the crowd right before liftoff.” He added that big exchange transfers don’t always mean selling, sometimes it’s just rotation or hedging.

According to Joe, this kind of shakeout could lead to a larger rally, as retail traders panic while seasoned investors quietly buy back in.

However, the sudden rise in Bitcoin reserves on Binance has raised eyebrows. Increased reserves during a flat market can signal upcoming downward pressure, especially as buy volume remains weak during dips.

Sudden rise in Binance’s Bitcoin exchange reserve | Source: CryptoQuant

Sudden rise in Binance’s Bitcoin exchange reserve | Source: CryptoQuant

A Bullish Setup or Warning Sign?

Meanwhile, according to the data by CryptoQuant, Binance reported a record-breaking monthly net inflow of around $7 billion in October. This was largely driven by stablecoins, with Tether’s USDT

USDT
$1.00



24h volatility:
0.0%


Market cap:
$183.48 B



Vol. 24h:
$91.23 B

and Circle’s USDC

USDC
$1.00



24h volatility:
0.0%


Market cap:
$75.77 B



Vol. 24h:
$12.93 B

bringing $5 billion and $2 billion, respectively.

Binance netflow in October | Source: CryptoQuant

Binance netflow in October | Source: CryptoQuant

Interestingly, Bitcoin and Ethereum

ETH
$3 702



24h volatility:
4.0%


Market cap:
$447.32 B



Vol. 24h:
$29.50 B

saw exchange outflows in October. Binance recorded a $1.5 billion net outflow in BTC and $500 million in ETH, a pattern often seen as bullish since it implies long-term holding behavior.

According to a CryptoQuant contributor, this suggests that traders are stockpiling capital, waiting for the right moment to re-enter the market.

However, analyst Ali Martinez noted that Bitcoin has been forming a “broadening top” since July and might not have peaked yet. He predicted a possible surge in November, followed by a “brutal reversal” by year-end.

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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Parth Dubey

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

Parth Dubey on LinkedIn


Source: https://www.coinspeaker.com/bitcoin-ogs-are-dumping-btc-early-winter-or-pre-rally-blues/