According to @caprioleio, on-chain activity in 2025 shows numerous 7+ year coin spends by pre-2018 Bitcoin holders, with $100M events marked in orange and $500M events in red, indicating OG whales are dumping, source: @caprioleio. The author notes the 2025 chart is very colorful, signaling widespread cashing out by long-term holders, source: @caprioleio.