Bitcoin Tumbles Below $100K Amid Sell-Off by Long-Term 'OG' Whales

Price Plunge and Market Impact

On Nov. 7, bitcoin ( BTC) fell below $100,000 for the second time in a week, dipping to $99,376 amid speculation that long-term holders—often referred to as OG whales—were offloading their assets. The decline pushed bitcoin’s market capitalization further from the $2 trillion mark and contributed to a broader drop in the crypto economy’s total value, which fell to just above $3.4 trillion.

Although BTC later rebounded above $100,000, its inability to reclaim levels above $105,000 reinforced growing sentiment that the bull rally may be nearing its end. Since peaking just above $126,000 on Oct. 6, bitcoin remained above $120,000 for only four days before the Oct. 10 flash crash—initially linked to President Donald Trump’s threats of punitive tariffs on China—sent prices tumbling.

While BTC has staged partial recoveries, its overall trend has been downward, driven by a mix of factors including comments from Federal Reserve Chair Jerome Powell suggesting a rate cut in December might not be happening, and mounting concerns over a potential AI-driven market bubble. The lack of positive news has further weighed on investor sentiment.

On the social media platform X, “ bitcoin short” began trending, with bearish sentiment dominating the conversation. Reports of super whales dumping BTC worth hundreds of millions added fuel to the narrative. Investor and fund manager Charles Edwards shared a chart showing significant sell-offs by long-term holders.

“OG Bitcoin whales are dumping. This chart gives a good visual of how many super whales are cashing out of Bitcoin. All lines here are 7+ year on-chain spends from pre-2018 era OG Bitcoin Hodlers,” Edwards said.

The sudden drop and rebound on Nov. 7 triggered widespread liquidations in leveraged positions. According to Coinglass data at 10:30 a.m. EST, nearly $100 million in short contracts were liquidated within 24 hours, with ethereum ( ETH), Zcash (ZEC), and BTC accounting for more than 80% of the total—$37.5 million, $29.21 million, and $15.64 million, respectively.

However, long positions bore the brunt of the damage, making up more than half of the $765 million in total liquidations over 24 hours.

FAQ 🧠

• Why did bitcoin fall below $100K on Nov. 7? BTC dropped to $99,376 amid reports of OG whales dumping long-held assets.
  What triggered the broader crypto market decline? Bitcoin’s dip pushed the crypto economy’s value down to just above $3.4 trillion.
  What factors are driving bitcoin’s downward trend? Rate cut speculation, AI bubble fears, and weak sentiment are weighing on BTC’s recovery.
  How much was liquidated during the Nov. 7 volatility? Over $765 million in leveraged positions were wiped out, mostly from long contracts.