Bitcoin Price News: Two Early Bitcoin Holders Sold $117 Million BTC, but Whales Are Buying the Dip at Record Pace
March 21, 2026 — By Sam Daodu
Bitcoin (BTC) is currently trading near $70,500 after a brief attempt to rally towards $75,000 was firmly rejected following the latest Federal Reserve announcement. Amid this volatility, two early Bitcoin investors sold a combined total of $117 million in BTC on March 19—moves that attracted significant market attention. However, large whale investors are aggressively buying the dip, accumulating Bitcoin at a record pace not seen in over a decade.
Who Sold $117 Million in Bitcoin and Why?
The two major sellers making headlines are both early and long-term Bitcoin holders, often referred to as OGs (original gangsters) in the crypto community.
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The first wallet, which has remained anonymous, purchased approximately 5,000 BTC roughly 12 years ago at about $332 per coin, amounting to an initial investment of around $1.66 million. After holding the stash untouched for years, the owner began selling in November 2024 during Bitcoin’s highs. Between then and early March 2026, this wallet moved 2,500 BTC at an average price near $96,000 per coin. On March 19 alone, the wallet transferred another 1,000 BTC to exchanges when Bitcoin was trading near $70,500. Overall, this amounts to selling 3,500 BTC for around $330 million in profit—a spectacular 266x return. The wallet still retains approximately 1,500 BTC, currently worth about $107 million.
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The second seller has been identified by blockchain analytics firm Arkham Intelligence as likely early Bitcoin investor Owen Gunden, although no official confirmation has been made. Gunden’s last sale of 650 BTC on March 19 capped off a much larger liquidation that began in October 2025. Over five months, the investor transferred roughly 11,650 BTC to Kraken across several large batches totaling about $1.16 billion. Now, all tracked wallets associated with Gunden hold less than $1 combined, indicating a full exit from Bitcoin holdings.
Despite these massive sales totaling $117 million on March 19, this figure represents only 0.5% of the roughly $21 billion in daily Bitcoin trading volume that day. The Bitcoin price managed to hold above the $70,000 support level largely because of strong buying activity from whale wallets.
Whales Buy the Dip at an Unprecedented Speed
On the flip side, whale wallets (addresses holding over 1,000 BTC) have aggressively added to their positions. In the 48 hours following the Fed decision, whale wallets accumulated a net 8,400 BTC. Zooming out, over the past 30 days, large holders have added a staggering 270,000 BTC to their wallets—marking the highest monthly accumulation in more than 13 years.
One wallet tracked by Lookonchain has been purchasing Bitcoin daily since March 10, pulling 2,656 BTC off Binance at an average price around $72,063 per coin, indicating steady accumulation from institutional or high-net-worth buyers.
This surge in demand is rapidly reducing the supply of Bitcoin available on exchanges. Bitcoin held on centralized exchanges has dropped from approximately 3.2 million BTC in early 2024 to about 2.7 million BTC today—a level not seen since 2018. Nearly a million coins have moved into cold storage, spot ETFs, and corporate treasuries in under three years, further constricting liquidity.
Institutional Interest Supported by Spot Bitcoin ETFs
Spot Bitcoin ETFs have also seen strong inflows, with seven consecutive days of gains from March 9 through 17. Together, these ETFs pulled in $1.17 billion, with BlackRock’s IBIT accounting for more than half of that total. Additionally, the investment firm Strategy purchased 22,337 BTC (valued at $1.57 billion) in the same week—its largest single-week purchase in 2026—boosting its total holdings to 761,068 BTC. Although the streak was briefly interrupted by a $129 million outflow on Fed day (March 18), the week ended on a net positive note.
The relative stability in Bitcoin futures funding rates near neutral (+0.002%) suggests the current buying pressure is driven by "real money" rather than leveraged bets that could unwind quickly, signifying a potentially more resilient market structure.
Extreme Fear and Historical Market Recovery Signals
The Crypto Fear & Greed Index, which gauges market sentiment on a 0-to-100 scale, currently sits at 11, spending 46 consecutive days below 25—a zone defined as extreme fear. This level matches the panic experienced during critical crypto events such as the COVID-19 crash in March 2020 and the collapse of Terra-Luna and FTX in 2022. Notably, Bitcoin often posted positive 30-day returns about 80% of the time following readings below 15. Bitcoin’s weekly Relative Strength Index (RSI) has dropped to 27.48, signaling oversold conditions (an RSI below 30 typically denotes this). Historically, Bitcoin has only crossed into oversold territory three times: January 2015 (~$200), December 2018 (~$3,500), and currently. After the prior instances, Bitcoin experienced multi-year bull markets delivering extraordinary gains, sometimes thousands of percent.
Though these indicators strongly suggest a recovery could be in the pipeline, such rebounds tend to play out over months rather than days. After similar fear spikes, Bitcoin’s average return over the next 90 days was modest (~2.4%), but investors who held for 12 months reaped substantial rewards.
What’s Next for Bitcoin?
While the recent sales by the two OG holders grabbed headlines, such individual moves don’t usually determine Bitcoin’s long-term price direction. The current market setup—extreme fear, record whale accumulation, and shrinking exchange supply—is the same configuration that preceded significant rallies, including a 170% bounce following the COVID crash and a 158% climb after Terra-Luna.
Looking ahead, institutional interest remains a key driver. A resumption of inflows into ETFs would further reinforce buying momentum. The upcoming Federal Open Market Committee (FOMC) meeting scheduled for May 6-7 is another critical event, especially with the expected transition in Fed leadership from Jerome Powell to Kevin Warsh. Warsh’s approach to interest rates and monetary policy in the latter half of 2026 will significantly impact risk asset behavior, including Bitcoin.
For now, the $70,000 level has proven to be a strong support, holding through multiple tests. On-chain data points to a market that may be stabilizing and preparing for an eventual recovery rather than a breakdown.
About the Author
Sam Daodu is a seasoned cryptocurrency analyst with nearly a decade of experience simplifying blockchain and crypto market dynamics. He writes for 24/7 Wall St. and various major financial platforms. Sam’s work focuses on making complex crypto topics accessible and actionable for investors.
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