Bitcoin’s minor rally on Sunday ended with another rejection that pushed the asset south hard to just over $107,000 minutes ago.
Aside from the POTUS’s most recent comments on several highly volatile topics, BTC OG wallets have deposited large amounts to centralized exchanges with the most likely plan to sell them.
Trump’s Impact on Markets
US President Trump focused on the upcoming Supreme Court tariff case, which was categorized as one of the biggest battles in his trade war. The case starts on Wednesday, and his administration will face off against small businesses and several states that believe most of the tariffs are illegal and should be revoked.
Trump called the case “the most important in US history,” and warned that the country could become “defenseless” without presidential power to impose tariffs. He further stated that even limited tariffs might still lead to “ruination of our nation.”
Interestingly, the POTUS stated that he will not attend the case and reiterated his belief that tariffs have contributed to the US’s economic growth, as well as its national security and wealth.
1. Trump Calls Tariff Case One of the “Most Important in U.S. History”
2. Trump Warns U.S. Could Be “Defenseless” Without Presidential Power to Impose Tariffs
3. Trump: Limiting Presidential Tariff Powers Could Lead to “Ruination of Our Nation”
4. Trump Says He Will Skip Court…
Separately, Trump weighed in on the escalating tensions in Nigeria and Venezuela. His administration claims that Nigeria is killing Christians en masse, while Venezuela is sending prisoners and drugs to the US. Consequently, he warned that the US might send troops on the ground in the African country or order air strikes. In Venezuela’s case, he said Maduro’s days might be numbered, but doubted that there would be a full-on war between the two nations.
Bitcoin OGs Increase Selling Pressure
Aside from the rising macro tension, another possible reason behind BTC’s nosedive on Monday morning is the recent behavior of a few large wallets, referred to as “Bitcoin OGs.” Lookonchain reported that a couple of such whales have deposited a total of over $1.8 billion worth of BTC to several exchanges in the past month, thus increasing the selling pressure.
Bitcoin OGs are dumping $BTC!
BitcoinOG(1011short) has deposited ~13K $BTC ($1.48B) to Kraken, Binance, Coinbase, and Hyperliquid since Oct 1.
Owen Gunden has deposited 3,265 $BTC ($364.5M) to Kraken since Oct 21.
BTC stood close to $111,000 yesterday after a volatile week, but dropped hard on Monday, losing nearly four grand and bottoming (at least for now) at just over $107,000. Many altcoins were hit even worse, with ETH dumping to $3,700, BNB losing 5% of value, and DOGE slumping by more than 7%.