BTC Price Fails to Hold $116K as OGs Rotate Into Ether: Crypto Daybook Americas
By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market has stalled since Saturday, with bitcoin once again failing to keep gains above $116,000 alongside continued selling by wallets of early adopters, or OGs.
According to blockchain analyst Lookonchain, on Sunday an eight-year BTC holder moved 1,176 BTC worth over $136 million to Hyperliquid and started dumping. This holder is known to have exchanged 35,991 BTC for 886,731 ETH in recent months.
Other long-term holders have also been liquidating coins in recent months as the market continues to adjust to a six-figure price as the new normal for BTC.
But the latest selling is not just limited to long-term holders. On-chain data tracked by Glassnode showed…
