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
US President Trump focused on the upcoming Supreme Court tariff case, which was categorized as one of the biggest battles in his trade war. It 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. Even if they are limited, it 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…
— *Walter Bloomberg (@DeItaone) November 3, 2025
Separately, Trump weighed in on the escalating tensions in Nigeria and Venezuela. His administration claims that the former is killing Christians en masse, while the latter 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.
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BTC OGs Dump
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.https://t.co/qyZllJWfFShttps://t.co/u3b8zn5iYe pic.twitter.com/qQe3dYlnfp
— Lookonchain (@lookonchain) November 3, 2025
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%.