Bitcoin Whale Sells 11,000 BTC in $1.3B Dump
Arkham Intelligence has flagged early adopter Owen Gunden as the Bitcoin whale behind a systematic sell-off of 11,000 BTC worth about $1.3 billion. Starting in July with large batch transfers and concluding on Oct. 21 with a final 2,499 BTC ($230 million) move to Kraken, Gunden’s dump coincided with a 32.7% price drop from October’s $126,080 peak. The sell-off came amid heavy leveraged liquidations and market correction to around $81,050, intensifying short-term volatility. Traders should watch for continued selling pressure from long-term holders, potential liquidity shifts on Kraken and broader bearish sentiment, especially after Ark Invest’s Cathie Wood cut her 2030 BTC target to $1.2 million.
Bearish
The large-scale Bitcoin whale dump of 11,000 BTC adds significant short-term selling pressure, exacerbating volatility during an ongoing market correction. Final transfers to Kraken and heavy leveraged liquidations signal potential liquidity strains on major exchanges. Combined with Cathie Wood’s reduced BTC price target, these factors point to bearish sentiment among both long-term holders and speculative traders, likely prolonging downward price momentum before any stabilisation.