Bitcoin’s oldest whales may be responsible for the cryptocurrency's sluggish price movements, as noted by Bitcoiner Willy Woo. He explains that the selling dynamics of these early investors, who accumulated their BTC in 2011 at prices below $10, are significant. It is now estimated that it requires over $110,000 of new capital to absorb the selling pressure they create. Recently, an OG whale's large-scale transition from Bitcoin to Ether, involving over $2 billion worth of BTC, contributed to a $45 billion market valuation drop. This upheaval triggered a swift 2.2% decline in Bitcoin's price and a 4% drop in Ethereum within a short span. Moreover, this whale has engaged in a significant trading strategy that has netted substantial profits while prompting a wave of sell orders in the market. The increased activity highlights a trend of Bitcoin whales converting their assets into ETH, evidenced by another whale selling $670 BTC for ETH last week.

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