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- Early Bitcoin investors are actively selling billions of dollars in BTC.
- Owen Gunden has moved 11,000 BTC to exchanges, signaling major profit-taking.
- Despite large sell-offs, Bitcoin remains resilient, hinting at strong market fundamentals.
Early Bitcoin investors, often called “OG whales,” are back in the spotlight as significant sell-offs continue to shake the cryptocurrency market. Recent on-chain analytics reveal that Bitcoin whales have been transferring massive amounts of BTC to centralized exchanges. As reported by Bitcoinist, two early investors moved more than 16,000 BTC—valued at over $1.7 billion—into exchanges by early November. This move has added substantial sell pressure, contributing to Bitcoin’s recent struggles below the $100,000 mark.
Owen Gunden at the Center of Whale Activity
A notable figure in this sell-off is Bitcoin OG Owen Gunden. According to Lookonchain, Gunden has recently moved the last of his holdings—3,549 BTC, worth roughly $363 million—to Kraken. Previously, he transferred 600 BTC, bringing his total to 11,000 BTC, or approximately $1.12 billion. These transactions suggest that large-scale holders are cashing in profits after years of accumulation, creating waves in the market that investors cannot ignore.
Why Now? Profit-Taking, Not Panic
The question on many traders’ minds is why these early investors are selling now. Crypto influencer Udi Wertheimer offered a concise explanation: the whales are simply taking profits. Many of these OGs purchased Bitcoin when prices were negligible and have held their positions for over a decade. With Bitcoin reaching unprecedented levels and their wealth now in the billions, selling some of their holdings is a natural move.
Also Read: Bitcoin Hits $106K Amid US Stimulus and Market Rebound
Despite fears of a bear market, Wertheimer points out that Bitcoin’s resilience amid these sell-offs is notable. Instead of questioning the sales, he suggests investors should ask why Bitcoin hasn’t plunged even further given the scale of the profit-taking.
Looking Ahead: What This Means for Bitcoin Investors
The continued activity of Bitcoin whales highlights a critical factor for the market: large holders can still influence prices significantly. For investors, this serves as a reminder to monitor whale transactions closely, as they often signal potential market shifts. While profit-taking is expected, the possibility of further sell-offs could put additional downward pressure on BTC in the near term.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
