Key Developments in the Bitcoin Market
- •Over $100B in long-held Bitcoin recently moved
- •Bitcoin ETFs faced record-level outflows this week
- •Debate grows over whether OGs or traders are behind the sell-off
In a surprising development, more than $100 billion worth of long-held Bitcoin has been moved, coinciding with record-breaking outflows from Bitcoin exchange-traded funds (ETFs). This large-scale movement of BTC is sparking intense speculation within the crypto community: Are long-term holders finally cashing out, or is this just short-term profit-taking by more recent investors?
Data shows that this isn’t just a minor shuffle. The Bitcoin that moved had been dormant in wallets for years, typically associated with “OG” holders—early adopters who bought into Bitcoin when its price was a fraction of today’s value. Their activity raises the stakes and the questions even higher.
Record ETF Outflows Add to Market Pressure
Bitcoin ETFs, which have been a popular way for traditional investors to gain exposure to BTC without owning it directly, saw unprecedented outflows this week. Billions were pulled from these investment vehicles, sending a bearish signal to the market.
These outflows could be a reaction to recent price volatility or a shift in market sentiment, but the timing—aligned with the massive movement of dormant coins—suggests something bigger may be at play. The ETF outflows have added significant selling pressure to the market, contributing to recent price dips.
INSIGHT: Over $100B in long-held Bitcoin moved as ETFs saw record outflows, sparking debate over whether true OGs or short-term traders are driving the sell-off. pic.twitter.com/VKttUyYmGJ
— Cointelegraph (@Cointelegraph) November 6, 2025
Who’s Really Selling? OGs or Opportunists?
The debate now centers on who is driving this sell-off. Are early Bitcoin adopters, often dubbed “OGs,” finally realizing their gains after holding through multiple market cycles? Or are newer traders, perhaps spooked by recent ETF performance and price swings, moving their holdings to try to cut losses?
Blockchain analytics firms are closely monitoring wallet activity, looking for signs that could clarify the source of these transactions. Until then, the market remains on edge, unsure whether this is a sign of a long-term trend or just a temporary shakeout.