TLDR
- Gunden sold 650 BTC worth $46.3M before the report surfaced
- Over 11,000 BTC sold since November, exceeding $1.1B in value
- Remaining 2,499 BTC moved to Kraken exchange within hours
- Exchange whale ratio reached 0.83, showing high large-holder activity
Bitcoin markets saw fresh whale activity as early holder Owen Gunden sold 650 BTC and moved remaining assets to Kraken. The transactions occurred hours before reporting and added to earlier billion-dollar sales, drawing attention from traders tracking exchange inflows and potential short-term price movements in Bitcoin.
Bitcoin OG Activity Draws Market Attention
A long-term Bitcoin holder, Owen Gunden, has sold 650 BTC valued at about $46.3 million. The transaction occurred roughly 10 hours before it was reported by Lookonchain. The sale adds to a series of large disposals linked to the same wallet.
Blockchain data shows that Gunden previously sold around 11,000 BTC worth more than $1.12 billion. These transactions began in November and continued during recent price increases. The wallet activity has been tracked through publicly available blockchain records.
Bitcoin OG Owen Gunden, who previously sold 11K $BTC($1.12B), sold another 650 $BTC($46.3M) 10 hours ago.https://t.co/Fx6wtq0Whmhttps://t.co/dU3RoJViyh pic.twitter.com/K6e9RwwWsD
— Lookonchain (@lookonchain) March 19, 2026
Soon after the latest sale, 2,499 BTC, worth about $228 million, was transferred to the Kraken exchange. Large transfers to exchanges are often monitored closely because they may signal further selling activity. Traders often react quickly to such movements.
On-Chain Data Shows Rising Whale Movements
On-chain analytics platforms confirmed that the transactions came from a known wallet tied to Gunden. The wallet had remained inactive for years before recent activity resumed. This pattern is common among early Bitcoin holders.
Data from CryptoQuant shows that the exchange whale ratio reached 0.83 on March 14. This means the top ten deposits made up 83 percent of total exchange inflows. The ratio later dropped to 0.66 but still shows strong whale presence.
Another wallet tracked by EmberCN also resumed selling activity. That address moved 3,500 BTC to Binance in late 2024. The holder originally bought Bitcoin in 2013 at about $332 per coin. The average selling price reached nearly $94,786. These movements show that older wallets are becoming active again. Such activity increases supply on exchanges, which traders monitor alongside price trends.
Market Data Reflects High Volume and Price Sensitivity
Bitcoin traded near $71,500 during the reported transaction window. At the same time, trading volumes exceeded $30 billion across major exchanges. This shows strong market participation during the period of whale activity. Technical indicators also provide context for traders. The Relative Strength Index on daily charts is near 68, which suggests the market is approaching overbought levels. This may lead to short-term price adjustments.
Support levels are being watched between $68,000 and $70,000. Historical data shows buying interest often increases in this range. Resistance remains close to $73,000, where price has faced pressure in recent sessions. At the same time, Bitcoin exchange-traded funds recorded inflows of about $500 million this week.
This reflects continued institutional participation despite large holder sales. Options markets also show elevated activity, with implied volatility near 55%. The combination of whale transfers, strong volume, and steady inflows keeps market participants focused on short-term price movements. Traders continue to monitor both on-chain data and technical signals for direction.
