The first-generation whales are offloading their assets, is the confidence in Bitcoin wavering?

A well-known cryptocurrency analyst has sparked controversy in the Bitcoin community by stating that the "OG" – veteran investors in the market – are gradually losing faith in this asset as Bitcoin is increasingly being accepted by large financial institutions.

"Many early whales who were extremely loyal to Bitcoin are now losing faith and dumping their holdings at the current price level," Scott Melker (, known as The Wolf of All Street ), posted on X.

There are numerous reasons to sell Bitcoin

"Bitcoin is still great, but it is clear that it has been somewhat co-opted by the forces it was originally created to fight against," Melker remarked.

He also clarified that he does not claim to agree with that viewpoint, but only "reflects what he has heard". However, this statement immediately sparked debate about whether the participation of large organizations dilutes the original ideals of Bitcoin.

Mike Alfred, founder of Alpine Fox, spoke out in rebuttal:

"I rarely disagree with Melker's views, but this time I do. The decision for a person to sell coin is a personal choice and can be due to many reasons unrelated to the asset or protocol."

Recently, some early Bitcoin holders have also publicly disclosed selling a significant amount of BTC they own. Specifically, Willy Woo, one of the most prominent on-chain analysts in the world, shared that he sold most of his Bitcoin to invest in Bitcoin infrastructure – where he believes it will yield better returns.

In addition, PlanB, another well-known figure in the community, also revealed last February that he had sold nearly all of his BTC and switched to holding BTC spot ETFs for easier management.

"Everyone will grow old. And at some point, investment returns will no longer be important," Alfred added.

Meanwhile, Dave Weisberger, a veteran Bitcoiner, asserted that the widespread adoption of Bitcoin cannot be achieved without institutional capital.

"Ironically, there cannot be a Bitcoin standard without public participation through traditional financial institutions – the places that control the fiat money system – as well as the distribution of the large amounts of Bitcoin currently held by OGs to those institutions."

"Bitcoin is for everyone"

Crypto analyst Mags believes that Bitcoin does not discriminate against any individual or organization.

"I want to emphasize that Bitcoin is for everyone – including enemies, governments, and Wall Street," Mags expressed.

Matt Hougan, the Chief Investment Officer of Bitwise Invest, shared that he understands Melker's perspective, but still believes that Bitcoin is "a real revolution:"

"Bitcoin is the first global currency not backed by any government or coercive violence, but by logic and community strength. Let us pay respect to the early whales and continue to build together, for the world needs Bitcoin more than ever."

The article was published shortly after a long-time Bitcoin investor sold 80,000 BTC through Galaxy Digital, in a transaction that the company described as one of the largest nominal value deals in the history of the crypto space.

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