3M+ BTC has been sold by 1-10 year holders in the last 12 months.
Most of which seems to have been swallowed by institutions.
The block subsidy issued in that same period was 165K BTC.
I often wonder if the OG whales actually know what they're doing.
Every revolutionary monetary technology has this phase. Gold prospectors sold their claims to mining corporations. Early internet adopters sold domain names to tech giants. The OGs served their purpose. They were the bridge, not the destination. Institutions buying 3M BTC while only 165K were mined means the real accumulation phase just began. The OGs were just keeping the seat warm for the adults.
Well in 20 years you will be clipping off some of your stack to get your house next to mine in the Caribbean right? Lol you can still leave generational wealth for friends and family, but have some fun along the way. Good thing is Bitcoin doesn’t mind if you have a little fun before you leave ;)
With OG Whales you mean companies like Bitmain and co who have been stacking BTC for over a decade?
I would love to know that bitmain is selling their stack
They’re just people. Some of them had the right understandings and conviction at the right moment, now they’re cashing out to upgrade their life after more than a decade of hodling and 1000x+ gains.
I think most of them know they’re leaving a lot of upside price appreciation on the table but the desire to have life changing money now is outweighing potential future gains. I’d also bet most of them are not selling their whole stacks.
Passing of torch, it’s up to you how of that belongs to you.
Mabey they are positionimg for recktember and then mabey they will reposition for the next massive pump contributing to a blow off top
Maybe*
I can put myself in their shoes.
I'd be a little nervous sitting on 1000+ Bitcoin as nation states & corporations sit on the verge of pumping BTC to $1M+.
It's too much wealth & attention for any single individual to have.
I just wanted to seperate money from state, I didn't want to become uber wealthy.
Maybe I'll just sell half & pay the tax?
Yeah that's an interesting point. Some may have been taking out loans along the way and need to pay them off. Some might be diversitfying a portion of their custody into ETFs. Some may think the bull run is over because of the number of days from halving. Some might be rotating into crypto for pump and dumps.
There are many potential reasons.
Yeah - there are so many potential reasons.
It also makes sense that this would occur around the 100K mark.
Each epoch sees more sats distributed into more hands.
I'd prefer they were in the hands of individuals rather than corporations but this was also inevitable.
Hodling is simple but not easy. Looking forward to October.
Let the games begin 🙂
