A Satoshi-era miner just moved 2,650 BTC ($203M) to institutional trading desks FalconX and Cumberland in three separate transactions. The wallet still holds nearly 6,000 BTC worth $462M. These are coins mined in Bitcoin's earliest days that haven't moved in over a decade.
This isn't happening in isolation. Binance exchange reserves jumped from 616,000 BTC to 632,000 BTC in a single month. Daily inflows hit 3,600 BTC on May 18th alone. Spot Bitcoin ETFs just logged six straight days of outflows totaling $1.26 billion across 11 funds.
The pattern: OG holders moving to OTC desks, exchange reserves climbing, ETF money pulling back. Whether this is profit-taking, collateral repositioning, or someone cashing out after holding since bitcoin was worthless, the sell-side pressure is building quietly while the price holds $77K.
When wallets that predate the first Bitcoin pizza start routing coins to institutional trading desks, the market pays attention. The question isn't whether early miners are selling. It's how much supply is left that hasn't moved yet.












