Bitcoin Veterans Are Offloading BTC, Raising Market Jitters — Here Are the Details

Two major Bitcoin holders have moved large sums of BTC to exchanges in recent days, stirring unease among traders and fueling speculation of renewed selling pressure.

On-chain data from Lookonchain shows that BitcoinOG (1011short) has deposited about 13,000 BTC worth $1.48b to Kraken since Oct. 1, while early adopter Owen Gunden has transferred 3,265 BTC worth $364.5m to Kraken since Oct. 21.

The timing of these transfers, which comes as Bitcoin trades near $108,000, has sparked speculation about potential profit-taking or short positioning by long-time holders. Analysts caution that deposits do not confirm immediate sales, but often precede heightened market activity and volatility.

Pseudonymous Whale Appears to Revive Bearish Bets With New Deposits

BitcoinOG (1011short) is a pseudonymous whale known for shorting Bitcoin during major market swings. The entity gained notoriety after timing the Oct. 11 crash, reportedly earning nearly $197m in profits by closing large short positions.

Bitcoin OGs are dumping $BTC!

BitcoinOG(1011short) has deposited ~13K $BTC($1.48B) to Kraken, Binance, Coinbase, and Hyperliquid since Oct 1.

Owen Gunden has deposited 3,265 $BTC($364.5M) to Kraken since Oct 21.https://t.co/qyZllJWfFShttps://t.co/u3b8zn5iYe pic.twitter.com/qQe3dYlnfp

— Lookonchain (@lookonchain) November 3, 2025

Since then, the wallet cluster linked to “1011short” has consistently sent BTC to exchanges like Kraken, Binance, Coinbase and Hyperliquid, suggesting preparation for leveraged trades or liquidation.

Recent transfers include 500 BTC ($55m) to Kraken on Nov. 2, alongside several smaller deposits ranging between 70 and 150 BTC to Hyperliquid. On-chain analysts say this pattern mirrors previous cycles where the trader built short exposure following market rebounds.

Veteran Bitcoin Whale Reactivates Wallet as Market Stabilizes Near $110K

Owen Gunden, a well-known Satoshi-era holder, has also become active again after years of relative dormancy. Between Oct. 21 and Nov. 3, he transferred 3,265 BTC ($364.5m) to Kraken in multiple batches. These transactions include 364 BTC on Oct. 22, 1,448 BTC on Oct. 29 and 483 BTC on Nov. 3.

Gunden, an early investor who reportedly amassed over 15,000 BTC during Bitcoin’s early years, has long been viewed as a symbolic “true OG” — someone who held through multiple cycles. His recent deposits, however, mark one of his largest exchange inflows in years, hinting at either partial profit realization or portfolio rebalancing.

Arkham data shows that several of Gunden’s wallets, containing decade-old coins, have been reactivated since late October. The movements coincide with Bitcoin’s price consolidation around the $110,000–$115,000 range after a volatile October marked by leveraged liquidations and shifting rate expectations.

Traders Weigh Whether Whale Deposits Signal Sales or Strategic Repositioning

Analysts describe the overall mood as cautious. Whale inflows of this size typically signal increased supply and can precede sharp price swings, especially when liquidity thins.

For traders, the key question is whether these deposits translate into outright sales or remain dormant on exchanges. Historically, inflows from high-profile OG wallets often spark short-term corrections of 5% to 10%, followed by renewed accumulation once selling pressure fades.