Bitcoin Price Falls as OGs Dump BTC and Institutional Demand Weakens

Highlights:

• Bitcoin price dropped to $107,000 as early investors moved large amounts to exchanges.
• Institutional purchases fell below the daily mining supply, which signals weaker support for the short-term price.
• 10x Research warns further Bitcoin decline is likely due to weak ETFs and whale selling.

Bitcoin (BTC) started the week on a weak note, falling to around $107,000 on November 3, a 3% drop in its market value. The decline comes as early Bitcoin investors, often called “OGs,” have been moving large amounts of BTC to exchanges.

Since October 1, an early Bitcoin investor has transferred around 13,000 BTC, worth $1.48 billion, to exchanges like Kraken, Coinbase, Binance, and Hyperliquid, according to Lookonchain. Another early investor, Owen Gunden, transferred 3,265 BTC, valued at $364.5 million, to Kraken since October 21. 

Bitcoin OGs are dumping $BTC!

BitcoinOG(1011short) has deposited ~13K $BTC($1.48B) to Kraken, Binance, Coinbase, and Hyperliquid since Oct 1.

Owen Gunden has deposited 3,265 $BTC($364.5M) to Kraken since Oct 21.https://t.co/qyZllJWfFShttps://t.co/u3b8zn5iYe pic.twitter.com/qQe3dYlnfp

— Lookonchain (@lookonchain) November 3, 2025

Such large transfers often create fear in the market. Many investors worry that these whales might be planning to sell. Some see this as the start of a “crypto winter.” Others, however, think it could signal something positive.

Crypto influencer Joe shared on X that OGs often “spook the crowd right before liftoff.” He explained that moving big amounts to exchanges does not always mean selling. Sometimes, it is just rotation or hedging.

According to Joe, this kind of market shakeout could set the stage for a bigger rally. Retail traders often panic, while experienced investors quietly buy back in. However, the recent rise in Bitcoin reserves on Binance has caught attention. Higher reserves during a flat market may signal potential downward pressure. This is especially concerning as buying activity remains weak during price dips.

Yeah, OGs always know how to spook the crowd right before liftoff.
Big transfers don’t always mean selling, sometimes it’s just rotation or hedging.
Everyone panics when whales move, forgetting they play ten moves ahead.
Retail loves chasing fear while smart money quietly reloads…

— Joe | KOL & Alpha Crypto Influencer (@SelfSuccessSaga) November 3, 2025

Institutional Bitcoin Demand Falls Below Daily

Mining Supply

Adding to market concerns, net Bitcoin purchases by institutional investors have fallen below the daily mining supply for the first time in seven months. Crypto investment analyst Charles Edwards shared this data on X, calling it a worrying shift in market dynamics. He said, “Won’t lie, this was the main metric keeping me bullish the last months while every other asset outperformed Bitcoin. Not good.”

This signals that institutional demand is weakening, which could affect Bitcoin’s short-term price momentum. Combined with the early holder activity and large exchange inflows, the market is showing mixed signals.

Edwards shared a chart showing Bitcoin’s price and big institutional moves. It tracks three types: miners (red), spot ETFs and similar buying (light green), and corporate BTC Digital Asset Treasury activity (orange). The chart shows that institutional demand has been falling.

Corporate BTC buying dropped first around August 14. At first, spot ETF inflows made up for this, keeping total demand steady. After the market crash on October 10, spot ETF buying also dropped sharply. Now, total institutional purchases from all major sources are below the daily supply of new Bitcoin.

For the first time in 7 months, net institutional buying has DROPPED below daily mined supply. Not Good. pic.twitter.com/4cRnUWlybe

— Charles Edwards (@caprioleio) November 3, 2025

10x Research Warns Bitcoin Price Could Drop Below $107,000

10x Research predicts a crypto market drop, with Bitcoin possibly falling below $107,000. The firm pointed to weaker ETF demand, miners moving toward AI, and declining Ethereum trends as the main reasons. The declining value of Bitcoin treasury stocks, along with steady selling by mega whales, has added more pressure to the market. While many see this as a healthy correction, a shift in market sentiment seems inevitable. 10x Research noted, “This week’s tape will tell us whether capital steps back in or whether this rotation is only just beginning.”