Bitcoin’s price near the $108,000 mark has once again become a flashpoint for market uncertainty. Recent whale movements suggest that some of Bitcoin’s oldest holders — often called “OG whales” — are moving substantial amounts of BTC to exchanges, sparking speculation about potential profit-taking.

While some traders interpret these large transfers as a sign of impending selling pressure, analysts caution that whale deposits don’t always translate into immediate liquidation. Instead, they often mark periods of heightened volatility and short-term market turbulence.

Veteran Whales Stir Market Anxiety

On-chain data from Lookonchain revealed that two prominent Bitcoin veterans — BitcoinOG (1011short) and Owen Gunden — have transferred massive sums of BTC to exchanges over the past month. Combined, the two have moved more than 16,000 BTC, valued at over $1.8 billion, primarily to Kraken and Hyperliquid.

BitcoinOG, a pseudonymous whale trader known for his accurate bearish positioning during past market downturns, has reportedly deposited around 13,000 BTC (worth $1.48 billion) to Kraken since October 1. Similarly, Owen Gunden, a Satoshi-era holder who has largely remained inactive for years, has transferred 3,265 BTC (worth about $364.5 million) to exchanges since October 21.

The scale and timing of these transactions have unsettled traders, given Bitcoin’s current price consolidation near $108,000 — a level seen as critical resistance after October’s volatile trading activity.

BitcoinOG’s History of Well-Timed Moves

The pseudonymous trader BitcoinOG (1011short) is not new to controversy. Known for executing highly leveraged short positions during market peaks, he gained widespread attention after correctly anticipating Bitcoin’s sharp decline in early October. That move reportedly earned him nearly $197 million in profits as BTC dropped below $100,000.

On-chain analysts have since traced a recurring pattern of BTC transfers from wallets linked to this entity toward major exchanges like Kraken, Binance, and Coinbase. The transfers are often followed by spikes in derivatives open interest — suggesting preparations for short positions or margin-based trades.

In early November, BitcoinOG moved another 500 BTC (around $55 million) to Kraken, followed by smaller deposits ranging from 70 to 150 BTC to Hyperliquid. Analysts say such activity mirrors previous setups where the whale built bearish exposure ahead of short-term price corrections.

Given this track record, many traders interpret his recent moves as a possible signal of renewed bearish bets, potentially setting the stage for a volatile month ahead.

Owen Gunden: The Return of a “True OG”

Perhaps even more intriguing is the reappearance of Owen Gunden, one of Bitcoin’s earliest known large holders. Gunden reportedly accumulated over 15,000 BTC during Bitcoin’s infancy, long before it entered mainstream finance. For years, his wallets remained dormant — a sign of steadfast conviction.

However, between October 21 and November 3, several of Gunden’s long-inactive wallets came to life. Data from Arkham Intelligence shows that he transferred 3,265 BTC ($364.5 million) to Kraken in three major transactions:

• 364 BTC on October 22

• 1,448 BTC on October 29

• 483 BTC on November 3

The renewed movement of coins that had been untouched for nearly a decade has raised eyebrows. Market analysts believe this could either indicate profit realization amid Bitcoin’s strong performance in 2025 or a strategic portfolio rebalance ahead of the year’s end.

Interestingly, the timing coincides with Bitcoin stabilizing between $110,000 and $115,000, suggesting these transfers might align with broader market positioning rather than panic selling.

Analysts Urge Caution, Not Panic

Despite growing chatter, experts urge caution before assuming that whale deposits automatically mean large-scale sell-offs. Historical trends indicate that such inflows often trigger temporary volatility but do not necessarily mark the start of a long-term downtrend.

CryptoQuant and Glassnode data show that exchange reserves have not significantly risen despite these whale movements, hinting that much of the BTC may still be sitting idle on exchange wallets rather than being sold. This could mean whales are preparing for future trades rather than executing sales immediately.

Market strategist Ali Martinez noted that “whale inflows of this magnitude tend to precede short-term turbulence — typically a 5% to 10% correction — before accumulation resumes.” He added that Bitcoin’s macro outlook remains intact, supported by strong ETF inflows and increasing institutional demand.

The Market Context: Uncertainty Around $110K

Bitcoin’s latest whale activity comes during a sensitive phase for the crypto market. The Federal Reserve’s recent 25 basis-point rate cut has created a mixed response across risk assets. While some expected the move to boost liquidity and drive crypto higher, Bitcoin has instead traded sideways, reflecting broader uncertainty about monetary policy and global risk appetite.

As Bitcoin hovers near its crucial $110,000 support, traders are watching whale behavior closely for clues about potential direction. If selling pressure intensifies, analysts warn that BTC could revisit the $100,000–$103,000 zone — an area that saw significant accumulation earlier in the year. Conversely, if whales are simply repositioning, any short-term dip could serve as a buying opportunity for long-term investors.

Conclusion: Volatility Ahead, but No Panic Yet

The recent activity by veteran Bitcoin holders has undoubtedly rattled nerves, but the situation remains far from catastrophic. Historical evidence suggests that OG whale movements tend to coincide with market rotation phases, rather than outright capitulation.

Both BitcoinOG and Owen Gunden represent a unique segment of long-term holders who often act counter to retail sentiment, using liquidity spikes to reposition or hedge.

As of now, Bitcoin remains fundamentally strong, buoyed by institutional adoption, ETF inflows, and the broader anticipation of 2026’s halving cycle. Traders, however, should prepare for short-term turbulence as markets digest these whale moves.

In the end, whether these transfers mark profit-taking or strategic reshuffling, one thing is clear — Bitcoin’s veterans still have the power to move markets.