Bitcoin OG Owen Gunden Deposits Final 2,499 BTC ($228M) to Kraken – Details

Overview

Bitcoin is currently trading below $92,000, amid increasing selling pressure that has led to a bearish market sentiment. Recent developments, including significant deposits by long-term holder Owen Gunden, have raised concerns and speculation about the future trajectory of Bitcoin.

Current Market Conditions

The Bitcoin market is exhibiting signs of exhaustion, with heightened selling pressure pushing prices down. Analysts are expressing concerns that Bitcoin may be entering a new bear market, especially following the loss of key support levels and increased downside volatility. Short-term holders appear to be capitulating en masse, contributing to the bearish sentiment.

Despite the prevailing negativity, some analysts suggest that Bitcoin might be forming a local bottom. They argue that the current correction resembles past mid-cycle retracements seen during strong bull markets. Furthermore, they believe the macro environment remains supportive, and long-term holders have not shown clear signs of weakness.

Owen Gunden’s BTC Deposit

In a notable development, Bitcoin OG Owen Gunden has deposited his remaining 2,499 BTC into Kraken. This move, reported by Lookonchain, has generated speculation in the market, as deposits from early holders like Gunden can indicate potential selling pressure. Just two weeks prior, Gunden was reported to be preparing to offload his entire 11,000 BTC stash.

The completion of this deposit raises questions about the intentions of one of Bitcoin’s oldest and largest long-term holders. Such actions can amplify market fear during corrective phases, especially as Bitcoin struggles to maintain its price above $92,000. Historically, similar deposits have coincided with significant market turning points, suggesting that the current environment could be ripe for a potential recovery if selling pressure subsides.

Short-Term Market Trends

Bitcoin’s short-term trend remains under pressure, as indicated by its 4-hour chart. The price is finding it difficult to reclaim the $92,000 level, which has shifted from support to resistance. The formation of lower highs and lower lows illustrates a persistent downtrend that has characterized Bitcoin’s movement since early October.

All major moving averages—the 50 SMA, 100 SMA, and 200 SMA—are above the current price action and are pointing downward, confirming a bearish structure. Attempts to recover have met strong resistance at these moving averages, indicating that sellers are still in control. Recent price bounces have been weak, further emphasizing the lack of buyer momentum.

Impact on the crypto market

• Increased selling pressure indicates a potential shift towards a bear market.
• The deposit by Owen Gunden raises concerns about market sentiment and potential selling from long-term holders.
• Short-term trends show persistent downside pressure, with resistance at the $92,000 level.
• Historical patterns suggest that capitulation events from long-term holders may precede market recoveries.
• Elevated trading volumes during sell-offs highlight conviction among sellers rather than random volatility.

Updated: 11/21/2025, 3:13:46 AM