Bitcoin Fails to Hold $116K as OGs Rotate Into Ether: Crypto Daybook Americas
- September 15, 2025
- Category:
By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market has stalled since Saturday, with bitcoin (BTC) once again failing to keep gains above $116,000 alongside continued selling by wallets of early adopters, or OGs.
According to blockchain analyst Lookonchain , on Sunday an eight-year BTC holder moved 1,176 BTC worth over $136 million to Hyperliquid and started dumping. This holder is known to have exchanged 35,991 BTC for 886,731 ETH in recent months.
Other long-term holders have also been liquidating coins in recent months as the market continues to adjust to a six-figure price as the new normal for BTC.
But the latest selling is not just limited to long-term holders. On-chain data tracked by Glassnode showed that wallets of all sizes are back to distributing coins .
In ether's case, whale wallets continue to scale exposure , suggesting ether outperformance relative to bitcoin. The ether-bitcoin ratio on Binance, however, fell for a third consecutive day, unable to capitalize on the descending trendline breakout confirmed on Friday.
Memecoins, the recent outperformers, have also come under pressure , with top tokens, DOGE and SHIB, losing 10% and 6%, respectively, over the past 24 hours.
Solana's native token SOL traded over 2% lower at $234 despite key industry participants taking steps to accelerate the adoption of Solana-native decentralized finance (DeFi).
Kyle Samani, chairman of Nasdaq-listed Solana treasury company Forward Industries, said on X that the company plans to deploy funds into the Solana-based DeFi protocols. Last week, Forward raised $1.65 billion in a private placement led by Multicoin Capital, Galaxy Digital and Jump Crypto.
Samani was responding to an idea raised by a crypto trader, Ansem, who called for corporate treasury funds to invest in Solana-based DeFi to boost the network's DeFi appeal relative to industry giant Ethereum.
In traditional markets, investor positioning in the S&P 500 looked totally biased bullish. "Sentiment is at extremes. Careful out there," pseudonymous observer The Short Bear said on X . Stay alert!