Bitcoin OGs Keep Dumping Coins

According to data provided by Onchain Lens, a Bitcoin OG deposited a total of 200 Bitcoins (BTC) to Kraken. The coins were worth a total of $22.32 million at the time of the transfer.

The OG has already deposited roughly $627 million worth of Bitcoin over the past two weeks.

Intense selling pressure from ancient whales has been cited as one of the key headwinds for the leading cryptocurrency.

In fact, recent data from Glassnode shows that the long-time holders of the world’s leading cryptocurrency have now offloaded a total of 300,000 BTC within just several months.

The $100,000 price mark is likely to be the psychological price point that tempts a lot of OGs into taking profits after sitting on their coins for years.

Bitcoin’s mild recovery

According to CoinGecko data, Bitcoin is currently trading at $112,519. It is up 5% over the past seven days.

The cryptocurrency has now secured four consecutive green candles on the daily chart.

This comes following a recent report of the U.S. and China reaching a consensus on key trade issues following talks.

Earlier this month, trade tensions between the two superpowers threw a wrench in the works for the bulls that were expecting significant gains this October based on the cryptocurrency’s historical performance.

However, Bitcoin is currently on track to log its first month in the green since 2018 (unless the bulls manage to step up during the remainder of the month).

The leading cryptocurrency is still down 10.8% from $126,080, which was recorded in early October.