Former Bitcoin Whale Moves $361M BTC To Exchange

Early Bitcoin investor Owen Gunden may be preparing to sell a significant portion of his holdings. On-chain data indicates that Gunden has moved 3,549 BTC (approximately $361.8 million) from his wallet.

A portion, 600 BTC (roughly $61.1 million), was directly transferred to the Kraken exchange. This move fuels speculation that Gunden intends to sell around 11,000 BTC (valued at $1.12 billion).

Large transfers from previously dormant wallets often raise concerns about increased selling pressure within the market. This trend is heightened by the scale of Gunden’s movement.

Several “OG” investors who haven’t been active since the 2010s have begun to move their holdings in recent weeks. Gunden’s transaction is seen as part of this emerging pattern.

Experts note that while substantial transfers from these wallets can precede liquidity increases, they don’t necessarily equate to immediate sales.

Some analysts suggest the transfer might involve cold wallet restructuring or risk diversification, rather than a direct sale. However, the movement to a centralized exchange like Kraken indicates a potential for selling.

The timing of this movement has drawn significant attention from observers of the Bitcoin market.

Source: koinbulteni.com

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.