Bitcoin OG Whale with 10K BTC Is Dumping Aggressively as Scarcity Deepens

A Bitcoin wallet attributed to early crypto adopter Owen Gunden, reportedly holding over 10,000 BTC BTC $80 789 24h volatility: 0.6% Market cap: $1.62 T Vol. 24h: $17.12 B , has triggered alarm across the crypto market after on-chain data showed aggressive selling activity.

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Owen Gunden, an early #Bitcoin whale with 10,959 $BTC($1.19B), just deposited 1,448 $BTC($164M) to #Kraken again 4 hours ago.https://t.co/KeV9RBb2a8 pic.twitter.com/FUWBLBXTPO

— Lookonchain (@lookonchain) October 29, 2025

The sale follows a major price drop for BTC earlier today, on Oct. 30. The market leader touched a daily low of $108K but has since then rebounded to $110K. This decline also triggered more than $831 million in liquidations over 24 hours, including $665 million in long positions.

A Major Whale Move

According to blockchain analytics from Lookonchain, Gunden has deposited 2,587.6 BTC, worth approximately $290 million, to Kraken in less than 10 days. The large-scale move represents roughly 25.9% of his total holdings, indicating a significant shift from cold storage to an exchange.

Gunden, considered one of Bitcoin’s original holders, appears to be taking profits amid BTC’s pullback from its ATH seen earlier in October.

It is important to note that October was the strongest month for Bitcoin this year. Major exchanges recorded more than $300 billion in Bitcoin spot volume this month and Binance accounted for $174 billion alone, according to analyst Darkfost.

ETF Outflows Compound the Pressure

On Oct. 29, all 12 spot Bitcoin ETFs collectively lost $471 million, according to SoSoValue. Fidelity’s FBTC led with $164 million in redemptions, followed by ARK Invest’s ARKB, which saw $143 million withdrawn. In the previous week, the ETFs had attracted over $350 million in inflows.

Analysts attribute the sudden reversal to short-term profit-taking and a broader risk-off sentiment following the Federal Reserve’s latest policy guidance. Despite the Feb cutting rates by 0.25%, the market has yet to show signs of strength.

Exchange Supply Shrinks Despite Selling

While Gunden’s selling suggests a wave of profit-taking, Bitcoin scarcity on exchanges like Binance continues to deepen. According to CryptoQuant, Binance’s Bitcoin Scarcity Index surged to its highest reading in months during October, exceeding 9.

The index measures the reduction in Bitcoin supply available for trading, reflecting sustained accumulation by whales and large investors. While one major holder appears to be offloading coins, broader on-chain metrics show others accumulating aggressively.

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