Bitcoin Price Under Pressure as Veteran Holders Send Billions to Exchanges

The recent Bitcoin decline below the $108,000 mark has coincided with major wallet activity from early adopters.

According to blockchain data shared by Lookonchain, long-time holders, aka ‘Bitcoin OGs’, have transferred large sums of BTC to major exchanges in recent weeks.

For instance, a whale known as “1011short” has transferred nearly 13,000 BTC worth approximately $1.48 billion. These assets were subsequently sent to Kraken, Binance, Coinbase, and Hyperliquid since October 1.

Saylor Set to Buy Bitcoin Despite Market Weakness

Although some older holders appear to be reducing exposure, MicroStrategy founder Michael Saylor is maintaining his bullish stance.

In a recent post on X, Saylor hinted at a potential Bitcoin purchase. Similar hints have historically preceded MicroStrategy’s acquisition announcement. Notably, last week it acquired 390 BTC for about $43.4 million at an average price of $111,053 per coin.

As of November 2, 2025, the company’s Bitcoin portfolio amounted to 640,808 BTC. This holding was valued at $70.7 billion, based on prevailing market prices. The firm’s average purchase price remains $74,032 per BTC. Consequently, this yields an unrealized gain of 49.03%, amounting to approximately $23.25 billion.

During an interview with CNBC last week, Saylor predicted Bitcoin could reach $150,000 by year-end. He further suggested that the cryptocurrency could reach $1 million within four to eight years. This estimate is based on a projected average annual growth rate of 30 percent over the next two decades.

Analysts See Possible Short-Term Recovery

Ali Martinez, the renowned crypto analyst, offered a technical perspective that suggests potential for a short-term rebound. Specifically, in his latest X post, he pointed out that Bitcoin appears to be forming a classic ascending triangle pattern on the four-hour chart.

According to Martinez, the price could retest support near $107,500 before attempting a move toward the $115,000 resistance level.

Bitcoin $BTC appears to be forming a triangle. A retest of $107,500 support could come before another push toward $115,000 resistance. pic.twitter.com/unv0cYF0L4

— Ali (@ali_charts) November 2, 2025