Bitcoin Updates: Early Bitcoin Holders Transfer $1.85 Billion Worth of BTC to Exchanges, Fueling Discussions on Market Fluctuations

Bitcoin Veterans Move $1.85 Billion in BTC to Kraken, Raising Concerns Over Market Instability

Major Bitcoin holders have reignited concerns among investors after two well-known early adopters—BitcoinOG (1011short) and Owen Gunden—transferred more than $1.85 billion worth of BTC to platforms such as Kraken, Binance, and Hyperliquid in the last month. On-chain monitoring services have traced these large movements, which have led to speculation about whether these actions are for profit-taking, establishing short positions, or managing liquidity as Bitcoin consolidates around $108,000, as reported by a

.

According to Lookonchain data, BitcoinOG (1011short), a pseudonymous large-scale trader known for capitalizing on market volatility, has sent about 13,004 BTC (valued at $1.48 billion) to exchanges since October 1. The latest transactions include a 500 BTC ($55 million) deposit to Kraken on November 2, along with smaller amounts sent to Hyperliquid, as detailed in the Cryptonews report. This behavior is consistent with previous cycles where the trader increased short exposure after market recoveries. Experts warn that such deposits often signal upcoming volatility, though they do not necessarily indicate immediate selling, but rather increased trading activity.

Owen Gunden, an early Bitcoin adopter from the Satoshi era holding 8,922 BTC (worth $990.85 million), has also become active again. Between October 21 and November 3, Gunden transferred 3,265 BTC ($364.5 million) to Kraken in several transactions, including a single deposit of 1,447.56 BTC ($163 million) on November 1, according to a

. This marks a notable shift after years of inactivity, as highlighted in the Cryptonews article, with Gunden’s recent moves interpreted as either cashing out profits or reallocating liquidity for strategic reasons.

The environment for short sellers has also become more competitive. Blockchain data shows that the trader known as "Calm Down and Open Single King" has scaled back BTC short positions by $7.63 million, realizing a 74% unrealized profit with an average entry price close to $111,000, according to a

. At the same time, Hyperliquid’s top short seller, "Abraxas Capital," currently holds $760 million in combined BTC and ETH shorts, with $50.2 million in unrealized gains across two wallets, based on . These shifts underscore a growing trend of leveraged trading as participants respond to Bitcoin’s sideways price action.

Opinions among traders are split regarding the significance of these large transfers. While some interpret the sizable deposits as a bearish indicator, others believe that such liquidity management is typical among institutional players during periods of price consolidation, as noted in the Cryptonews report. “Moving funds to exchanges doesn’t automatically mean selling,” one crypto analyst commented, “but it does indicate readiness for leveraged trades or liquidity events.”

These activities have contributed to Bitcoin’s recent price swings, with Coinglass data indicating that $819 million in short positions could be liquidated if the price dips below $112,000, and $685 million in long positions could be wiped out if it falls under $109,000. As the market reacts to these developments, traders are watching on-chain activity closely to determine whether this signals a broader shift to risk aversion or simply a temporary portfolio adjustment.