Bitcoin News Today: Bitcoin Whale's $163M Kraken Deposit Sparks Sell-Off Fears vs. Strategic Rebalance Debate

On October 29, 2025, Bitcoin OG whale Owen Gunden transferred 1,447.56 BTC—valued at $163.19 million—to Kraken, triggering intense market scrutiny, according to a CryptoRank report https://cryptorank.io/news/feed/9a144-bitcoin-investor-kraken-deposit. The move, tracked by on-chain analytics firm LookOnChain, was accompanied by a larger transfer of 2,361.73 BTC ($266.20 million) to a new wallet address. While such large deposits to exchanges often signal potential selling activity, analysts caution that Gunden's actions could reflect strategic portfolio rebalancing or preparation for over-the-counter (OTC) deals.

Gunden's wallet still holds 7,150 BTC ($806.44 million), underscoring his long-term conviction in Bitcoin. This duality—a significant Kraken deposit paired with a larger on-chain transfer—suggests a complex financial strategy rather than a straightforward divestment. Market observers are split: some interpret the Kraken deposit as a precursor to selling pressure, while others view the new wallet activity as a defensive move to secure assets.

The timing of Gunden's actions coincides with a broader surge in Bitcoin whale activity. On-chain data reveals that whale transactions exceeding $1 million hit a two-month high of 6,311 in early October, per reporting by The Tradable. This uptick aligns with Bitcoin's modest price rebound following a mid-month dip, hinting at coordinated accumulation by institutional players. Analysts note that such patterns historically precede major price swings, though they emphasize that whale behavior alone cannot predict market direction.

Adding to the crypto market's volatility, SpaceX recently moved $400 million in Bitcoin, according to GlobeNewswire, sparking speculation about Elon Musk's strategic intentions. While Tesla maintains its $1.3 billion BTC position, SpaceX's liquidity shift highlights the sensitivity of institutional portfolios to macroeconomic signals.

The Federal Reserve's 25-basis-point rate cut earlier in October further complicated market dynamics. Bitcoin fell below $112,400 amid $100 million in crypto liquidations, with $55 million tied to BTC alone. Traders and analysts remain cautious, with derivatives traders like Killa (@KillaXBT) warning that Bitcoin remains range-bound between $108,000 and $32,000.

For individual investors, the lesson is clear: while whale movements offer insights, they should not dictate short-term decisions. Diversification, risk management, and a long-term perspective remain critical in navigating Bitcoin's inherent volatility.