Bitcoin OG Owen Gunden Deposits Final 2,499 BTC ($228M) to Kraken – Details

Bitcoin is at the moment buying and selling under $92,000, and the market is exhibiting clear indicators of exhaustion as promoting stress intensifies. Fear has pushed sentiment towards the bearish finish of the spectrum, with many analysts now arguing that BTC could also be getting into a brand new bear market. The lack of key assist ranges and the fast acceleration of draw back volatility have solely fueled these issues, particularly as short-term holders proceed to capitulate at scale.

However, not all views are bearish. Some analysts consider that Bitcoin could also be forming an area backside, as the present correction resembles earlier mid-cycle retracements seen throughout robust bull markets. They argue that the broader macro atmosphere stays supportive and that long-term holders haven’t proven indicators of structural weak point. As promoting stress concentrates amongst weak arms, the potential of a reversal will increase — particularly as soon as pressured sellers exhaust themselves.

Adding to the uncertainty, new on-chain knowledge from Lookonchain revealed that Bitcoin OG Owen Gunden simply deposited all his remaining 2,499 BTC into Kraken roughly an hour in the past. Moves like this typically set off hypothesis, as alternate deposits from early holders can sign potential selling. Yet traditionally, related occasions have additionally occurred close to cycle bottoms when panic is at its peak.

A Massive BTC Transfer Sparks Market Speculation

According to recent knowledge from Lookonchain, Bitcoin OG Owen Gunden has simply deposited his remaining 2,499 BTC (value $228 million) into Kraken roughly an hour in the past. This transfer has instantly raised questions throughout the market, as massive alternate deposits from early whales typically sign potential promoting stress.

What makes this growth much more notable is the context: simply two weeks in the past, Lookonchain reported that Gunden appeared prepared to offload his complete 11,000 BTC stash — a place value over $1.12 billion on the time. Now, with this last deposit, it seems he has formally accomplished the transfer.

For many merchants, this confirms that one of many oldest and largest long-term holders has absolutely exited or is getting ready to exit the market. Such whale habits can amplify concern throughout corrective phases, particularly as Bitcoin continues to wrestle under $92K. Moves of this scale not solely contribute to short-term volatility but additionally affect sentiment by signaling that even early accumulators could also be lowering publicity.

However, traditionally, capitulation occasions from long-term holders have typically coincided with or preceded main turning factors. If this large switch marks the tip of Gunden’s sell-off, the market could quickly take in the stress — doubtlessly clearing the trail for a restoration as soon as the concern subsides.

Short-Term Trend Still Under Pressure

Bitcoin’s 4-hour chart reveals a market that continues to be firmly below short-term promoting stress, regardless of occasional aid bounces. The worth is struggling to reclaim $92,000, a stage that beforehand acted as assist however is now working as resistance. The sequence of decrease highs and decrease lows highlights a persistent downtrend that has formed BTC’s trajectory since early October.

All main shifting averages—the 50 SMA, 100 SMA, and 200 SMA—are positioned above present worth motion and pointing downward. This alignment confirms a transparent short-term bearish construction. Each time BTC makes an attempt to get well, it meets robust resistance at these declining MAs, signaling that sellers stay in management. The most up-to-date bounce barely reached the 50 SMA earlier than being rejected once more, reinforcing the weak point of purchaser momentum.

Volume stays elevated on downswings, which signifies that sell-offs proceed to be pushed by conviction slightly than random volatility. Buyers are stepping in across the $89,000–$91,000 zone, however thus far, this assist has solely produced non permanent pauses slightly than significant reversals.

For a structural shift, BTC would wish to reclaim not less than the $95,000 space and break above the 100 SMA. Until then, the pattern stays tilted towards additional draw back or continued consolidation close to present ranges.

Featured picture from ChatGPT, chart from TradingView.com