Early Bitcoin Whale Sends $290,000,000 in BTC to Kraken As Crypto Market Teeters on Edge: Lookonchain

One of the earliest Bitcoin (BTC) investors is relentlessly dumping his coins, according to new on-chain data.

Citing Arkham data, the blockchain tracking firm Lookonchain reports that Satoshi-era whale Owen Gunden has sent over 2,587.6 BTC worth about $290 million to crypto exchange Kraken in less than ten days.

Gunden originally began offloading coins in January, and has since resumed profit taking.

Arkham’s data shows that Gunden still holds about $785 million in BTC.

In September, Arkham reported that Gunden was the third richest crypto holder in the world, after TRON founder Justin Sun and pseudonymous Bitcoin creator Satoshi Nakamoto. His on-chain networth as of September 23 was $1.3 billion.

Besides Kraken, Gunden has also used crypto services like BlockFi and Genesis Trading, both of which went bankrupt, leading to him receiving more than 600 BTC as a creditor to the Genesis bankruptcy proceedings.

At time of writing, Bitcoin is trading at $109,428, down from its all-time high of $126,080.

Lookonchain also says that despite the dip in digital assets, some whales are starting to double down on their bullish positions, including one “smart” trader with a 100% win rate.

“Smart trader 0xc2a3 is going long on $BTC and $ETH again!

Positions:
• 1,039 BTC ($114M)
• 560,840 SOL ($109M)
• 13,419 $ETH ($52.66M)

Performance:
14 trades completed in 18 days, 100% win rate, and over $16M realized profit.”

Generated Image: Midjourney