The recent Bitcoin decline below the $108,000 mark has coincided with major wallet activity from early adopters.
According to blockchain data shared by Lookonchain, long-time holders, aka ‘Bitcoin OGs’, have transferred large sums of BTC to major exchanges in recent weeks.
For instance, a whale known as “1011short” has transferred nearly 13,000 BTC worth approximately $1.48 billion. These assets were subsequently sent to Kraken, Binance, Coinbase, and Hyperliquid since October 1.
Meanwhile, another veteran investor, Owen Gunden, deposited 3,265 BTC, worth roughly $364.5 million, to Kraken after October 21. Despite these transfers, Gunden still controls 7,149 BTC, estimated at $766.54 million, in his wallet.
At the time of reporting, Bitcoin traded at $107,655, marking a 2.8% daily decline and a 7.2% loss over the week.
Bitcoin OGs are dumping $BTC!
BitcoinOG(1011short) has deposited ~13K $BTC($1.48B) to Kraken, Binance, Coinbase, and Hyperliquid since Oct 1.
Owen Gunden has deposited 3,265 $BTC($364.5M) to Kraken since Oct 21.https://t.co/qyZllJWfFShttps://t.co/u3b8zn5iYe pic.twitter.com/qQe3dYlnfp
— Lookonchain (@lookonchain) November 3, 2025
Saylor Set to Buy Bitcoin Despite Market Weakness
Although some older holders appear to be reducing exposure, MicroStrategy founder Michael Saylor is maintaining his bullish stance.
In a recent post on X, Saylor hinted at a potential Bitcoin purchase. Similar hints have historically preceded MicroStrategy’s acquisition announcement. Notably, last week it acquired 390 BTC for about $43.4 million at an average price of $111,053 per coin.
As of November 2, 2025, the company’s Bitcoin portfolio amounted to 640,808 BTC. This holding was valued at $70.7 billion, based on prevailing market prices. The firm’s average purchase price remains $74,032 per BTC. Consequently, this yields an unrealized gain of 49.03%, amounting to approximately $23.25 billion.
During an interview with CNBC last week, Saylor predicted Bitcoin could reach $150,000 by year-end. He further suggested that the cryptocurrency could reach $1 million within four to eight years. This estimate is based on a projected average annual growth rate of 30 percent over the next two decades.
Analysts See Possible Short-Term Recovery
Ali Martinez, the renowned crypto analyst, offered a technical perspective that suggests potential for a short-term rebound. Specifically, in his latest X post, he pointed out that Bitcoin appears to be forming a classic ascending triangle pattern on the four-hour chart.
According to Martinez, the price could retest support near $107,500 before attempting a move toward the $115,000 resistance level.
Bitcoin $BTC appears to be forming a triangle. A retest of $107,500 support could come before another push toward $115,000 resistance. pic.twitter.com/unv0cYF0L4
— Ali (@ali_charts) November 2, 2025