Bitcoin Veteran Unloads 10K BTC Amidst Increasing Market Scarcity

Key Points

• Owen Gunden, an early Bitcoin adopter, is showing aggressive selling activity, causing alarm in the crypto market.
• Despite Gunden’s selling, Bitcoin scarcity on exchanges like Binance continues to deepen.

A Bitcoin wallet linked to early crypto adopter Owen Gunden, which reportedly holds over 10,000 BTC, has caused alarm across the crypto market due to aggressive selling activity.

Gunden’s Selling Activity

This comes after a significant price drop for BTC, which touched a daily low of $108K but has since rebounded to $110K. This decline triggered more than $831 million in liquidations over 24 hours, including $665 million in long positions.

According to blockchain analytics, Gunden has deposited 2,587.6 BTC, worth approximately $290 million, to Kraken in less than 10 days. This large-scale move represents about 25.9% of his total holdings, indicating a significant shift from cold storage to an exchange.

Gunden, one of Bitcoin’s original holders, appears to be taking profits amid BTC’s pullback from its all-time high seen earlier in October.

Bitcoin Scarcity on Exchanges

Despite Gunden’s selling, Bitcoin scarcity on exchanges like Binance continues to deepen. The Bitcoin Scarcity Index on Binance surged to its highest reading in months during October, exceeding 9.

The index measures the reduction in Bitcoin supply available for trading, reflecting sustained accumulation by whales and large investors. While one major holder appears to be offloading coins, broader on-chain metrics show others accumulating aggressively.