Bitcoin Whales Initiate Massive Sell-Offs, Sparking Market Jitters Bitcoin's recent attempts to regain upward momentum have been met with formidable resistance, as the cryptocurrency struggles to maintain its position above the $100,000 threshold following a turbulent start to November. Analysis of on-chain data reveals that significant selling pressure from major Bitcoin holders, often referred to as "whales," is largely responsible for the market's current fragility and downward trajectory.
High-Profile Bitcoin Holders Influence Price Action
Two prominent entities have been identified as key players in this recent wave of transactions: the Winklevoss Twins' Gemini Custody wallets and early Bitcoin miner Owen Gunden. The Winklevoss Capital-linked wallets, notably through Gemini Custody, have consistently transferred substantial amounts of Bitcoin in a series of calculated moves rather than sudden dumps. The latest recorded transaction saw 250 BTC, valued at approximately $25.45 million, moved to a Gemini hot wallet. Cumulatively, these strategic liquidations have seen the twins offload over 9,000 BTC (roughly $900 million) since early 2025, decreasing their holdings from an initial 24,000 BTC to less than 16,000 BTC. Adding to the selling pressure, early miner Owen Gunden recently executed massive transfers totaling 3,549 BTC (approximately $361.8 million) in a single transaction, preceded by a 3,601 BTC ($372.1 million) movement a day earlier. A notable 600 BTC (over $61 million) from these transfers has already been deposited onto the Kraken exchange, strongly indicating impending liquidation. Gunden's active selling has depleted his holdings from around 11,000 BTC to near zero, significantly impacting market supply.
A Concerning Outlook Amidst Broader Outflows
These substantial whale movements, alongside a broader institutional trend of outflows from US-based Spot Bitcoin ETFs—which saw $558.44 million exit last Friday—are creating a challenging environment for Bitcoin's price. While Bitcoin has shown a modest 4.4% increase to $106,270 in the past 24 hours at the time of writing, this positive movement follows a pattern of "green weekends" that are frequently reversed by market corrections early in the week, leaving short-term investors wary. The combined effect of these large-scale sales points to a continued struggle for Bitcoin to establish stable growth.
