Bitcoin "OG" Whales Offload Millions as BTC Slips Under $71,000

Bitcoin extended its latest pullback over the past 24 hours, sliding below $71,000 for the first time since the weekend. The move has been tied to macro pressure following the U.S. Federal Reserve's stance, while blockchain data also points to heavy selling from long-dormant "OG" holders. On-chain tracker Lookonchain said an older Bitcoin wallet sold an additional 1,000 BTC in the past day, valued at roughly $71 million. The wallet originally received 5,000 BTC around 12 years ago when the stash was worth about $1.66 million, and began distributing coins on Nov. 26, 2024. Lookonchain estimates the entity has now sold 3,500 BTC at an average price of about $96,262, generating an estimated $442 million profit, or a 266x return. Lookonchain also reported another long-held wallet, flagged as linked to Owen Gunden, sold 650 BTC over the same period. That sale follows a prior large disposal of 11,000 BTC worth more than $1.1 billion at the time. The selling activity coincided with bitcoin's sharp intraday decline. BTC traded above $74,000 by yesterday afternoon before dropping to $71,000. After an initial bounce following the Fed's decision to keep interest rates unchanged, prices slipped further in subsequent hours toward $70,000. Not all whale flows were bearish. Lookonchain said a separate large holder has been buying BTC "every day since Mar. 10" and spent about $37 million yesterday to add more than 500 BTC. Since Mar. 10, the buyer has accumulated 2,656 BTC at an average price of $72,063, valued at around $190 million at the time of reporting. Source: Lookonchain (X, March 18–19, 2026).