OG Whales Are Selling — But $100K $BTC Is Still on the Table
Bitcoin is absorbing heavy supply pressure without breaking.
On-chain data shows that OG whales moved roughly $286M worth of BTC in January, marking the largest spike in long-dormant coin activity since November. Historically, this type of movement often raises concerns about distribution. This time, however, the context appears different.
According to Glassnode, long-term holder selling is decelerating rather than accelerating. Net outflows from older wallets are rolling over from extreme levels, suggesting a significant portion of overhead supply may already be absorbed. Meanwhile, accumulator addresses remain highly active, adding nearly 136,000 BTC in just 11 days this month.
From a market structure standpoint, momentum is improving. Medium-term MACD signals have flipped bullish, and order book data shows bid-side liquidity beginning to outweigh sell-side pressure. While short-term volatility remains possible — including pullbacks toward the high $80K range — the market is demonstrating an ability to absorb profit-taking without structural damage.
If demand holds through near-term corrections, the path toward a $100,000 psychological test remains intact. This price action looks less like panic-driven distribution and more like a stress test — and so far, Bitcoin is passing it.
