Bitcoin Whale Owen Gunden Deposits 1,448 BTC to Kraken Amid Market Drop
An early Bitcoin adopter, Owen Gunden, has moved significant amounts of BTC to exchanges, causing alarm in the crypto market:
- Gunden's wallet holds over 10,000 BTC. He deposited 1,448 BTC ($164M) to Kraken recently.
- Total deposits to Kraken in the last 10 days are 2,587.6 BTC, valued at $290 million, which is 25.9% of his holdings.
- This activity follows a BTC price drop to $108K with a slight rebound to $110K, leading to $831 million in liquidations.
Market Context
- October has been strong for BTC, with over $300 billion in spot volume, Binance accounting for $174 billion.
- Bitcoin ETFs saw $471 million in outflows on Oct. 29, indicating profit-taking and risk-off sentiment.
- Despite selling, Bitcoin scarcity on exchanges like Binance increased, as indicated by CryptoQuant's index.
The market remains volatile with large holders like Gunden selling, while overall scarcity indicates continued accumulation by others.