Recent on-chain data reveals that early Bitcoin holders, often called "Bitcoin OGs," have executed a series of large transfers to major cryptocurrency exchanges, totaling over $900 million in value. One prominent whale transferred 200 BTC worth approximately $21.94 million to Kraken, marking the latest in a pattern that has seen 6,003 BTC moved over the past three weeks, valued at more than $671 million. This includes consistent deposits of 200 BTC every few days to exchanges like Kraken, Binance, and Coinbase, with earlier transactions involving 3,003 BTC ($338.15 million) to Binance and 2,000 BTC ($222.13 million) to Coinbase.
Simultaneously, another early adopter, Owen Gunden, reportedly holding over 10,000 BTC1,448 BTC ($164 million) to Kraken, bringing his total deposits to 2,587.6 BTC ($290 million) in less than 10 days. This represents about 25.9% of his holdings, indicating a significant shift from cold storage. The activity coincided with Bitcoin's price dipping to $108,000 before rebounding to $110,000, and triggered over $831 million in liquidations within 24 hours, mostly from long positions.
Analysts speculate that these transfers may signal a deliberate liquidation or reallocation strategy, possibly for over-the-counter transactions or swapping to assets like ETH, as some transaction notes included "BTC to ETH" identifiers. Despite the selling pressure, Bitcoin's scarcity on exchanges like Binance has deepened, with the Scarcity Index reaching multi-month highs, reflecting sustained accumulation by other large investors. Additionally, spot Bitcoin ETFs experienced outflows of $471 million on October 29, led by Fidelity's FBTC and ARK Invest's ARKB, adding to market uncertainty.
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