Key takeaways:
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Older Bitcoin whales, those grumpy, treasure-hoarding titans, have decided to liquidate their stashes like it’s a particularly unpopular birthday party. 🎉
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A bear pennant, a rather ominous-looking chart formation, is hinting BTC might crash to $89,600. 🐺
Bitcoin (BTC) was at risk of further losses as the oldest whales-those ancient, grizzled crypto hermits-continued to spend their BTC stash like it was last week’s leftovers. 🍽️
Charles Edwards, co-founder of Capriole Investments, declared in a tweet that “super whales are cashing out of Bitcoin,” which is about as exciting as watching paint dry… but with more drama. 🎭
Bitcoin OG Whales Keep Dumping (Because Why Not?)
The BTC/USD pair now trades 18.7% below its all-time high of $126,000, a slump partly blamed on old whale wallets behaving like overzealous vacuum cleaners. 🧹
Some say this dip is “normal for bull cycles,” but others argue it’s just long-term holders playing a game of “dump and run.” 🏃♂️
Edwards shared a chart so colorful it’d make a rainbow envious. Orange blocks represent $100 million dumps, red for $500 million-because who needs a budget? This whale-spending frenzy began in November 2024 and escalated in 2025 like a toddler’s tantrum. 🤬
“The chart is VERY colorful in 2025,” Edwards said, adding:
“OGs are cashing out.”
Glassnode’s data reveals whale-spending events exceeding 1,000 BTC/hour have been relentless since January. A true circus of chaos. 🎪
“The key distinction in this cycle is that these OG whale high-spending events occurred more frequently throughout, signalling persistent distribution.”
Meet “Bitcoin OG Owen Gunden,” a whale so legendary they named a storm after him. Last Saturday, he moved 3,600 BTC ($372M), with 500 BTC already deposited to Kraken. Clearly, he’s just… redecorating his portfolio. 🛋️
Bitcoin OG Owen Gunden keeps dumping $BTC!
Today, he moved 3,600.55 $BTC($372M) – with 500 $BTC($51.68M) already deposited to #Kraken, and the remaining 3,100.55 $BTC ($320.46M) likely heading there in the coming days.
– Lookonchain (@lookonchain) November 8, 2025
Despite this selling frenzy, the market has shown resilience-like a stubborn toddler refusing to nap. Willy Woo argues that “OG dumps” are just BTC moving out of 7-year-old addresses for “quantum-safe transactions” or “custody rotations.” Translation: they’re probably just moving stuff around. 🛠️
Bitcoin “Bear Pennant” Targets $90,000 (Surprise!)
CryptoMoon Markets Pro and TradingView reveal BTC is trapped in a bear pennant, a chart pattern that whispers, “Down we go, sweet summer child.” 🌿
A bear pennant is a downtrend sandwich: a sharp drop, then consolidation, then… more dropping. If BTC breaks below $100,650, it might plummet to $89,600-a 12% slide. Ouch. 😬
To avoid a deeper crash to $92,000 or lower, BTC must close above the 50-week EMA at $100,900. Fingers crossed, toes crossed, and maybe a sacrifice to the crypto gods. 🙏
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2025-11-08 19:08