Satoshi-Era Bitcoin Big investor And Shorting Veteran BitcoinOG Oversaturates Exchanges With BTC, Triggering Dump Concerns

Two major BTC (BTC) whales have been significantly offloading their Bitcoin onto exchanges, creating quite a stir in the market. Traders are now on high alert, anticipating another potential dip in Bitcoin values.

According to blockchain insights from Lookonchain, a prominent crypto holder in the digital currency arena, BitcoinOG (also known as 1011short), has transferred approximately 13,000

BTC
Bitcoin

$105,886.33


2.53%

BTC
BTC


Price

$105,886.33

2.53% /24h





Volume in 24h

$54.38B



Price 7d

around $1.48 billion to Kraken since the beginning of October 2025.

Bitcoin OGs are selling off $BTC!

BitcoinOG(1011short) has deposited ~13K $BTC ($1.48B) into Kraken, Binance, Coinbase, and Hyperliquid since October 1.

Owen Gunden has moved 3,265 $BTC ($364.5M) to Kraken since October 21.https://t.co/qyZllJWfFShttps://t.co/u3b8zn5iYe pic.twitter.com/qQe3dYlnfp

— Lookonchain (@lookonchain) November 3, 2025

Owen Gunden, another BTC large holder, has shifted 3,265 Bitcoin valued at around $364.5 million to the same trading platform starting from 21 October.

These transactions occurred while Bitcoin was hovering around $108,000, leading many to speculate whether these whales were taking profits or gearing up for short positions against the market. Merely transferring coins to exchanges does not guarantee a sale, but it certainly indicates heightened trading activity and potential price fluctuations in the near term.

BitcoinOG has gained notoriety for reaping substantial profits through shorting BTC. During the market crash on 10 October, he netted nearly $197 million by foreseeing the downturn.

Since then, wallets associated with him have persistently been sending BTC to exchanges such as Kraken, Binance, Coinbase, and Hyperliquid, indicating possible intentions for leveraged positions or additional selling.

On 2 November alone, he transferred 500 BTC worth $55 million to Kraken along with smaller amounts varying from 70 to 150 BTC to Hyperliquid.

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Satoshi Era OG Joins Bitcoin Whales, Moves $364M BTC To Kraken

In the wake of the turmoil, another whale making waves in the crypto market, Owen Gunden, has returned to action after a long period of inactivity. Gunden is celebrated for amassing over 15,000 Bitcoin in the early days and has remained steadfast through various crypto market cycles, solidifying his status as a genuine OG.

Between October 21 and November 3, Gunden transferred 3,265 BTC valued at $364.5 million to Kraken in sizable batches, which included 364 Bitcoin on October 22, 1,448 BTC on October 29, and 483 BTC on November 3.

This recent activity marks his first significant movement in years, suggesting he might be realigning his portfolio or realizing some earnings.

Owen Gunden has additionally deposited 193.77 $BTC, amounting to $21.49M, into #Kraken.

Owen still possesses 8,922 $BTC, valued at $990.85M.https://t.co/fjqIGflm7B pic.twitter.com/13QhepOXS4

— Onchain Lens (@OnchainLens) November 2, 2025

Additionally, several of his previously dormant wallets have recently begun to show activity again. This trend coincides with Bitcoin fluctuating between $110k and $115k following the significant liquidation event on October 10.

Large BTC transfers to exchanges position these assets for potential sales. This practice can often result in abrupt price alterations, especially when there aren’t enough buyers ready in the crypto market.

Historically, when BTC whales have shifted their coins, it has frequently led to price drops ranging from 5% to 10% in the short run.

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Miners Shed 210,000 Bitcoin During October Crash

Concurrently, alongside the whales offloading BTC onto exchanges, miners have also been reducing their BTC holdings, contributing further to the selling pressure on the trading market. In October, miners sent 210,000 BTC to exchanges, with most transactions occurring in the latter half of the month.

Binance emerged as the primary protocol for these transfers. Since October 16, Binance’s Bitcoin balance surged by 108,000 coins.

(Source: CryptoQuant)

The trading market is now grappling with Bitcoin valued at $10 billion, with some days witnessing sudden deposits exceeding 10,000 Bitcoin to exchanges. These deposits aligned with BTC declining from its all-time high of $126,000.

CryptoQuant data indicates that miners currently possess approximately 1.80 million Bitcoin, a decrease from over 1.81 million recorded in October. This reduction may be tied to a shift in focus as many miners are now investing in AI data centers rather than solely depending on Bitcoin block rewards.

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