31-10-2025 – A Bitcoin wallet associated with early adopter Owen Gunden has transferred 2,587.6 BTC, valued at roughly $290 million, to the Kraken exchange over the past 10 days, sparking concerns in the cryptocurrency market. This activity follows Bitcoin’s recent dip to a daily low of $108,000 before recovering to around $110,000, according to market data.
The price swing led to over $831 million in liquidations across the sector in the last 24 hours, with $665 million affecting long positions. Blockchain analytics indicate the deposits represent about 26% of Gunden’s estimated holdings exceeding 10,000 BTC, suggesting he is cashing in on gains after Bitcoin’s all-time high earlier in October. Gunden, known as one of Bitcoin’s original large holders, has shifted coins from long-term storage to an exchange platform, a move often signaling profit-taking during market corrections.
Despite this selling pressure, Bitcoin’s availability on major exchanges remains tight. The Bitcoin Scarcity Index on Binance hit its highest level in months at over 9 in October, pointing to aggressive accumulation by other institutional investors and whales, as reported by on-chain metrics firms.
