Bitcoin Coin News: OG Whales Start Major 2025 Sell-Off

Recent on-chain data shows a dramatic spike in selling activity from Bitcoin’s earliest investors. Multiple wallets that have been dormant since before 2018 are now unloading massive positions, with individual transactions ranging from $100 million to $500 million. This sell-off coincides with proposed tax changes targeting digital assets, creating uncertainty about both market liquidity and regulatory direction.

Crypto analyst Charles Edwards recently flagged a major shift in Bitcoin holder behavior: original whales are selling at levels not seen in years. The latest Glassnode chart tracking 7+ year on-chain spending shows explosive activity from pre-2018 wallets. Orange bars represent $100 million transactions, red bars mark $500 million liquidations—and as he put it, “the chart is VERY colorful in 2025,” pointing to widespread exits by Bitcoin’s earliest adopters.

This selling wave comes as lawmakers consider new tax policies for digital assets, including revised capital-gains treatment for long-held positions, stricter reporting requirements, and higher compliance standards for large transfers. Industry voices warn these policies could trigger bankruptcies, drain market liquidity, and push crypto talent overseas to more favorable jurisdictions.

The financial impact could be substantial. If long-term holders keep selling during price weakness, governments may see lower tax revenue as realized gains decline. Some industry groups propose an alternative: raise profit taxes on major crypto companies instead of imposing harsher capital-gains rules on individual early holders. This approach, they argue, would reduce systemic risk without discouraging the long-term investors who provide market stability.

The on-chain signals are hard to ignore. Historically, OG whales—especially those holding coins for 7+ years—have been crucial to Bitcoin’s supply structure. Their sudden activity echoes patterns from past volatile periods. But the 2025 data suggests something different: rather than trimming positions, these whales are fully exiting, often in transactions over $100M or $500M.