Whales are dumping this crypto as market crashes
As the cryptocurrency market experiences a notable sell-off, whales have been offloading massive amounts of Bitcoin (BTC), contributing to bearish sentiment. Specifically, long-term holders have deposited roughly 13,000 BTC, valued at $1.48 billion, to major exchanges including Kraken, Binance, Coinbase, and Hyperliquid since October 1, according to the latest on-chain data retrieved from Arkham by Finbold on November 3. Bitcoin whale transaction. Source: Arkham Further Analysis indicates that a prominent address, identified as Owen Gunden, transferred 3,265 BTC, worth about $364.5 million, to Kraken since October 21. Notably, such exchange deposits typically signal selling pressure, as large holders move assets from cold storage to trading platforms. The trend suggests that some of Bitcoin’s earliest investors are taking profits or reducing exposure amid growing market volatility. These whale deposits have coincided with Bitcoin’s price decline, adding ...