Owen Gunden Deposits 983 BTC to Kraken, Still Holds 6,650 BTC
Early Bitcoin investor Owen Gunden transferred 483.3 BTC to Kraken on November 3 and another 500 BTC on November 8, totalling 983.3 BTC (about $105 million) in exchange deposits. These large Kraken deposits raised exchange inflows and could signal potential sell-offs, portfolio rebalancing or strategic hedging. Following these moves, Gunden’s on-chain holdings stand at around 6,650 BTC (approximately $685.7 million), underscoring his whale status and continued confidence in Bitcoin’s long-term outlook. Traders should monitor on-chain analytics, exchange order books and market sentiment for signs of selling pressure or hedging activity.
Neutral
These substantial Kraken deposits of nearly 1,000 BTC increase exchange inflows and could precede large-scale selling, posing potential short-term downward pressure on Bitcoin prices. However, the investor’s sustained on-chain holdings of 6,650 BTC signal long-term confidence, suggesting any declines may be limited as whale activity can also reflect strategic hedging or rebalancing rather than outright liquidation. Traders should weigh these factors: a possible bearish catalyst in the short term offset by the overall bullish stance of a major long-term holder.