Kind of weird that those OGs were hodling 10+ years and now all of a sudden simultaneously want to trade their Bitcoin for fiat.
I mean to have the conviction to be hodling this long means you should at least understand that Bitcoin is superior money. So why cash out now when it could be worth a lot more in the future.
It’s an interesting question, not just 50% cashouts either. Addresses were completely drained
Exactly, that is what puzzles me
These are just guesses but my leading thoughts are
1. They used the sales to fund shitcoin treasury companies. The use of galaxy digital and timing of the ether pump lined up well
2. They’re also gold bugs and btc was ready to break out against a 7 year ratio with the gold price
Could be totally off but the timing/exchange is all I have to go off.
It makes sense how you put it.
It just made me think if those wallets were drained.
My thought was maybe holders finding old wallets intentionally and trying to cash out but if the timing isn't random..
To be clear, I have no special insight into these people. It doesn’t seem random to me though. Also the method that they chose … was the one that most directly impacts price. Compared to big companies etc that twap in and do their best to not move price (so you can buy the most without paying higher or sell the most without moving lower)
I mean, when you can cash out for 20 billion dollars I don’t think they care about it being worth a lot more in the future. Even with extreme inflation, they are set for life, don’t have to worry about a damn thing anymore
Early hodlers have played a significant role in helping get Bitcoin to where it is now.
Ideally, Bitcoin would be spent by OGs , not sold for fiat. 🙁
