Two Early Bitcoin Holders Sold $117M BTC, While Whales Are Buying the Dip at a Record Pace
By Sam Daodu | March 21, 2026
Bitcoin (BTC) is currently trading around $70,500 following a brief rally to nearly $75,000. This upward move was met with resistance after the Federal Reserve’s recent decision to hold interest rates steady and raise its inflation forecast. Amidst this market backdrop, two long-term Bitcoin holders—often dubbed Bitcoin “OGs”—made significant sales on March 19, collectively offloading approximately 1,650 BTC valued at $117 million. Despite these large sales, Bitcoin whale wallets have been aggressively accumulating BTC, signaling strong buying interest from major holders.
Bitcoin OGs Cash Out After Years of Holding
One of the notable sellers is an unidentified wallet that acquired 5,000 BTC roughly 12 years ago for about $332 per coin — an initial investment of around $1.66 million. The wallet remained dormant until November 2024, when it began liquidating holdings near Bitcoin’s peak prices. From late 2024 through early 2026, this wallet moved 2,500 BTC at an average price of around $96,000. On March 19 alone, an additional 1,000 BTC was transferred to exchanges when Bitcoin was trading near $70,500. In total, this represents a staggering profit of approximately $330 million — a 266x return on the original investment. Despite these sales, the wallet still holds roughly 1,500 BTC valued at about $107 million today.
The second seller has been linked by blockchain intelligence firm Arkham Intelligence to early Bitcoin investor Owen Gunden, though Gunden has not publicly confirmed the association. This seller completed their exit by moving 650 BTC to the Kraken exchange on March 19, the final tranche of a substantial selloff beginning in October 2025. Over five months, the seller transferred roughly 11,650 BTC in seven batches, generating approximately $1.16 billion in proceeds. Arkham’s tracking indicates that all 263 wallets affiliated with this seller now hold less than $1, confirming a full exit from Bitcoin.
While $117 million in Bitcoin sales by these two holders is large, it represents roughly 0.5% of Bitcoin’s daily trading volume, which was about $21 billion that day. The market absorbed these sales as whale wallets simultaneously accumulated Bitcoin.
Whales Buying Bitcoin at an Unprecedented Rate
Whale wallets—entities holding more than 1,000 BTC—have been accumulating Bitcoin steadily. A single wallet tracked by Lookonchain purchased 2,656 BTC from Binance at an average price of $72,063 starting March 10. Within 48 hours following the Fed announcement, whale wallets added a net total of approximately 8,400 BTC. Zooming out, over the past 30 days, large holders have added a record-breaking 270,000 BTC — the largest month-long accumulation in over 13 years.
This pronounced buying has contributed to a significant decline in Bitcoin supply available on exchanges. Reserves on centralized platforms have dropped from 3.2 million BTC in 2024 to about 2.7 million BTC, levels last seen in 2018. Much of the Bitcoin leaving exchanges is moving into cold storage, exchange-traded funds (ETFs), and corporate treasuries.
Notably, spot Bitcoin ETFs recorded seven straight days of inflows from March 9 to 17, attracting a combined $1.17 billion, with BlackRock’s IBIT ETF accounting for over half of that amount. During the same week, the firm Strategy purchased 22,337 BTC (approximately $1.57 billion), marking its largest weekly purchase of 2026 and increasing its total holdings to 761,068 BTC. While there was a $129 million outflow as markets reacted to the Fed’s announcement on March 18, the week ended net positive. The near-neutral futures funding rate (+0.002%) indicates buying pressure is driven by genuine capital rather than leveraged speculative bets.
Extreme Bitcoin Fear May Signal Opportunity
The Crypto Fear & Greed Index, which measures market sentiment on a scale of 0 (extreme fear) to 100 (extreme greed), has remained below 25—the extreme fear zone—for 46 consecutive days, currently standing at 11. These levels have previously coincided with major market crises: it hit 8 during the COVID-19 crash in March 2020, 6 during the Terra-Luna collapse of June 2022, and 10 after FTX’s bankruptcy in November 2022. Earlier in 2026, the index dropped to its all-time low of 5. Historically, Bitcoin has rallied strongly following such extreme fear readings. After the COVID crash, Bitcoin surged approximately 170% in three months, and it rose 158% over the year following Terra-Luna’s collapse. In fact, Bitcoin has posted positive returns over the subsequent 30 days about 80% of the time when the index falls below 15. Further, Bitcoin’s weekly Relative Strength Index (RSI) has fallen to 27.48, signaling oversold conditions. This technical indicator has only dipped below 30 three times in Bitcoin’s history—January 2015 (~$200 BTC), December 2018 (~$3,500 BTC), and now. Prior instances preceded historic multi-year bull markets with gains in the thousands of percentages. However, such signals typically play out over months rather than days, with average 90-day returns around 2.4% after past fear extremes, while larger gains materialize longer term.
Outlook: What Lies Ahead for Bitcoin Price?
Though the high-profile sales from two veteran holders attracted attention, these isolated exits are unlikely to dictate Bitcoin’s long-term trajectory. Instead, the current market displays the key ingredients preceding every significant Bitcoin recovery in the past six years: extreme fear, record whale accumulation, and shrinking Bitcoin supply on exchanges.
If spot Bitcoin ETF inflows pick up again, it could herald renewed institutional interest and buying. Investors will also be closely monitoring the Federal Open Market Committee (FOMC) meeting scheduled for May 6-7, as changes in Federal Reserve leadership and monetary policy—possibly including rate cuts—could influence risk appetite for the remainder of 2026. For now, Bitcoin has held firm at the $70,000 support level through multiple tests. Combined with bullish on-chain data, the market does not appear poised for a breakdown. Bitcoin investors who can navigate this volatile environment with patience may find opportunity in the months ahead.
About the Author
Sam Daodu is a crypto analyst with nearly a decade of experience translating complex blockchain developments into accessible insights. He frequently writes for 24/7 Wall St., focusing on Bitcoin, altcoins, and crypto market trends. Follow Sam on LinkedIn or reach out via email for deeper crypto perspectives.