Two major Bitcoin holders recently moved huge amounts of it to trading platforms, raising concerns among traders and raising expectations of further selling pressure. Blockchain data from Lookonchain revealed that the trader known as BitcoinOG (1011short) had deposited around 13,000 BTC – worth $1.48 billion – onto the Kraken platform since October 1, while one of… The first investor in the coin, Owen Gunden, transferred 3,265 BTC worth $364.5 million to the exchange itself since the October 21.
These transfers coincided with Bitcoin trading near $108,000, raising expectations of potential profit-taking trades or long-term owners speculating on a decline in its price, while analysts have warned that deposits do not necessarily mean immediate sales but often precede periods of intense activity and market fluctuations.
Pseudonymous whale revives betting decline with new deposits
BitcoinOG (1011short), the pseudonym of a whale (major investor) known for speculating on the decline in the price of Bitcoin during major market swings, gained notoriety after the sharp market decline on October 11, with reports that it had made approximately $197 million by closing its trades to speculate on the decline in the price of the currency.
Bitcoin OGs are giving up $BTC!
BitcoinOG (1011short) deposited ~13K $BTC($1.48 billion) to Kraken, Binance, Coinbase and Hyperliquid since October 1.
Owen Gunden filed 3,265 $BTC($364.5 million) to Kraken since October 21. pic.twitter.com/qQe3dYlnfp– Lookonchain (@lookonchain) November 3, 2025
Since then, the wallet group associated with 1011short has continued to send Bitcoin to exchanges including Kraken, Binance, Coinbase, and Hyperliquid, suggesting that they are preparing to either open leveraged trades or engage in liquidations.
The latest transfers included 500 Bitcoins – the equivalent of $55 million – to Kraken on November 2, as well as several small deposits of between 70 and 150 BTC to Hyperliquid, which blockchain analysts say is similar to previous cycles when this trader opened multiple positions to speculate on a price decline after the market rebound.
Veteran Bitcoin Whale Reactivates Wallet as Market Stabilizes Near $110,000
After years of relative inactivity, Owen Gunden, a well-known Bitcoin holder since the Satoshi era, became active again, transferring a total of 3,265 Bitcoins worth $364.5 million to Kraken in several batches from October 21 to November 3. These transactions include 364 BTC on October 22, 1,448 BTC on October 29, and 483 BTC on November 3.
Gonden, who is said to have amassed over 15,000 Bitcoins in the early years of the currency’s history, is a true “original holder” icon, having held on to his holdings through several cycles. However, the latest filings represent one of its biggest moves on trading platforms in years, which may indicate a partial profit or rebalancing of its investment portfolio.
Arkham data also showed that several Gonden wallets – containing decade-old coins – had been reactivated since late October, coinciding with the relative stabilization of Bitcoin’s price around the $110,000-$115,000 range after a month marked by an intense selloff in leveraged trades and a shift in interest rate expectations.
Traders evaluate whether whale movements indicate a sell-off or strategic repositioning
Analysts characterize the overall mood as cautious, as whale movements of this magnitude typically indicate oversupply in the market, which can precede sharp price swings, particularly when liquidity diminishes.
For traders, a pressing question is whether these deposits will translate into actual sales or remain dormant within exchanges, knowing that such movements in the portfolios of early Bitcoin investors typically trigger short-term corrections of 5-10%, followed by reconsolidation once selling pressure has eased.
The post Movements of Former Bitcoin (Bitcoin-BTC) Owners Spark Concerns in the Market; These details first appeared on Cryptonews Arabic.