Published: November 6, 2025

Understanding the Recent Bitcoin Activity

The cryptocurrency market has witnessed significant movement as Bitcoin’s price retreated from $126,000 to $100,000, accompanied by substantial activity from long-term holders. This has sparked an important discussion about whether early Bitcoin adopters are truly leaving the market or if something else is happening.

The Numbers Behind the Movement

Recent blockchain data reveals striking figures:

• Over $104 billion worth of Bitcoin has moved since 2024
• More than 470,000 BTC that had been dormant for five years or longer changed hands in 2025
• In the past 30 days alone, over 400,000 BTC moved from long-term holder wallets
• This represents nearly half of all Bitcoin that has been held for five years or more

Alex Thorn, Head of Research at Galaxy, described these two years as “unprecedented” in terms of distribution activity.

The Great Debate: OGs vs. Traders

The “Exit” Theory

Troy Cross, Professor of Philosophy at Reed College and prominent Bitcoin commentator, expressed concern that this selling activity challenges Bitcoin’s founding principles. He suggests that if early adopters are exiting in significant numbers, it indicates they no longer view Bitcoin as fundamentally different from traditional investments.

The Alternative Perspective

However, blockchain analyst Checkmate presents a different interpretation. The data shows that the majority of moved Bitcoin actually comes from shorter holding periods:

• 700,000 BTC held for 6 months to 1 year
• 650,000 BTC held for 1 to 2 years
• Only 120,000 BTC held for 3 to 5 years
• Just 50,000 BTC held for 5 to 7 years

This breakdown suggests most of the activity represents traders taking profits rather than original believers abandoning the market.

Blockstream CEO Adam Back supports this view, noting that the detailed charts reveal most moved coins belong to recent-cycle traders, not Bitcoin’s earliest adopters.

Current Market Pressures

Bitcoin currently faces downward pressure from two sources:

Institutional ETF Activity: Seven-day cumulative netflow for spot Bitcoin ETFs has declined by nearly $21 billion, the largest outflow in six weeks. This represents a significant sentiment shift as institutional demand has slowed.

Long-Term Holder Distribution: With ETF inflows no longer offsetting sales from long-term holders, Bitcoin faces a supply-heavy environment.

What This Means for the Market

The combination of reduced institutional demand and continued strategic selling from long-term holders has created challenging conditions. Market analysts suggest that unless institutional buyers return or long-term holders pause their selling, near-term price pressure may continue.

Key Takeaway

While headlines suggest early Bitcoin believers are leaving the market en masse, blockchain data tells a more nuanced story. The majority of Bitcoin movement appears to come from shorter-term holders taking profits rather than founding-era holders losing faith in the asset.

---

Disclaimer: This article does not constitute investment advice or recommendations. Cryptocurrency investments carry significant risk, and readers should conduct thorough research before making any investment decisions.