Key Takeaways
- A long-time Bitcoin whale has emptied his wallet.
- Traders are divided on what it means.
- Research shows whale influence is shrinking.
A long-time Bitcoin holder, named in the top ten richest men in crypto, has moved what appears to be the final tranche of his wallet, 2,249 BTC, to crypto exchange Kraken.
The Bitcoin whale’s move has stoked fears of a potential large-scale dump as BTC and the wider community continue to decline in sentiment.
Bitcoin Whale Moves BTC
On-chain analytics service Lookonchain reported that the whale, Owen Gunden, transferred 2,499 BTC in the early hours of Thursday.
The assets, valued at roughly $228 million, were the last of his remaining Bitcoin holdings.
In total, Gunden’s wallet has sold 11,000 Bitcoin worth around $1.3 billion since Oct. 21, selling his entire stack of digital gold.
Gunden, an early Bitcoin trader and former LedgerX board member, built his wealth through arbitrage trading on now-defunct exchanges, such as Mt. Gox.
Traders Fear the Worst
The transfers sparked immediate concern on social media, where traders warned that large movements to centralized exchanges often precede significant selling.
“2,499 BTC hitting Kraken is the crypto equivalent of hearing footsteps in a horror movie,” one account wrote.
Another commented that the activity looked like the whale was “about to speed-run a market crash for old time’s sake.”
“OGs don’t move size for fun,” another user posted. “They move it to dump.”
Some users viewed the sell-off as a long-term positive, arguing that reducing early-holder supply could improve market structure.
“Glad we are rid of him… whales can’t own more than 20–30% of supply,” one commentator wrote.
Whales on the Low
The transfer comes after an analysis by Citi found that the number of whales holding more than 1,000 BTC has declined.
Analysts noted that while whale outflows don’t necessarily indicate aggressive selling, the trend signals weakening among Bitcoin’s biggest holders.
Bitfinex researchers reported a similar pattern, finding that wallets with over 10,000 BTC reduced their holdings by around 1.5% in October.
Bitcoin Outlook
Growing concerns about whale movements are rising just as Bitcoin weakens, with analysts warning that a bear market may already be underway.
According to CCN analyst Valdrin Tahiri, the crypto sector “is slipping into a long-term bear market,” as technical indicators highlight clear weaknesses.
Tahiri said wave counts, price action and momentum indicators “all suggest that the upward trend has ended and a bear market has begun.”
Bitcoin dominance has also weakened, breaking down from an ascending trendline that had been in place since September.
Tahiri said this “confirms that the ongoing bounce has ended” and predicts a move toward 58.50% dominance.
“A rebound… could offer a brief relief rally before the larger downtrend resumes,” he said.
“However, such moves are likely to be short-lived,” he added.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
