Several early Bitcoin holders have realized over $1.1B in gains this week as long-dormant wallets became active, according to on-chain data shared today by analytics platform Lookonchain. Transfers included 3,500+ BTC from early miner Owen Gunden and movements from other 2011–2013 “OG wallets,” with a portion flowing to exchanges.
While large profit-taking can pressure prices short term, analysts note this activity reflects market maturity rather than bearish sentiment. Many early holders are believed to be reallocating part of their BTC into more regulated vehicles such as U.S. spot Bitcoin ETFs for tax efficiency and custody benefits. Bitcoin still trades above $106,000, showing resilience despite the realized gains.
Market participants are now watching whether further OG wallet activity emerges this week and how ETF flows balance the supply rotation. Additional on-chain updates are expected within the next 24 hours.
Source: https://x.com/lookonchain/status/1987342448369312120
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