Bitcoin has experienced a price drop below the $100,000 mark as longtime holders, or 'OG whales,' have been active lately. This observation was highlighted in a recent post by Julio Moreno, CryptoQuant's Head of Research, who analyzed the 30-day cumulative spending of Bitcoin tokens held for over 10 years.
These 'OG whales' have moved substantial amounts of Bitcoin, potentially influencing market dynamics and contributing to the price decline. The activity of such long-term holders is seen as a significant factor in affecting Bitcoin's market trends.
As the crypto market keeps an eye on these developments, the behavior of veteran Bitcoin holders continues to be a focal point for analysts aiming to predict future price movements.