Large-holder activity is putting pressure on Bitcoin once more as a well-known early adopter, often referred to as a Satoshi-era whale, has started selling heavily again.
Bitcoin owners wake up
Longtime Bitcoin owner Owen Gunden is said to have sold an additional 650 BTC worth about $46.3 million just 10 hours ago, contributing to a larger distribution pattern that has been developing over the past few months. This most recent deal comes after a previous significant liquidation in which Gunden sold about 11,000 BTC, or about $1.12 billion, making it one of the most prominent whale exits in the current cycle.
Bitcoin OG Owen Gunden just deposited all his remaining 2,499 $BTC($228M) into #Kraken an hour ago.https://t.co/qyZllJWfFShttps://t.co/rbkUUTxjLa pic.twitter.com/7JkIoQ3DsK
— Lookonchain (@lookonchain) November 20, 2025As the market develops and liquidity increases, early holders are progressively lowering their exposure, which is a recurring trend. Additionally, according to on-chain data, Gunden had previously deposited his remaining 2,499 BTC (roughly $228 million) into Kraken in November 2025, indicating a clear intention to set those funds up for possible sale. Rather than being carried out in a single liquidation event, the recent transaction indicates that this strategy is now being implemented in stages.
Contributing to the pressure
This kind of activity is significant from a market standpoint because significant inflows to exchanges usually result in increased short-term sell pressure. Coin holders are often getting ready to distribute their assets when they transfer from cold storage to exchange wallets. The psychological effects of a Satoshi-era whale can be just as important as the actual liquidity infusion, because market players often see such actions as an indication of waning long-term conviction.
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Technically speaking, Bitcoin is currently trading in the low $70,000 range after recovering from recent lows and is trying to stabilize after a more extensive corrective phase. However, if the market finds it difficult to effectively absorb this supply, persistent sell-side pressure from large holders may stifle any bullish momentum.
Having said that, it is critical to understand that markets are dynamic. It is a normal part of Bitcoin’s lifecycle for early adopters to sell their holdings, shifting the supply to new owners. Although Gunden’s actions might cause short-term volatility, the long-term structural outlook for Bitcoin remains valid.
For the time being, investors should keep a close eye on exchange deposits and whale flows because ongoing large-scale selling may continue to have a significant impact on the short-term price direction of Bitcoin.
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