Bitcoin News Today: Bitcoin Whales Diverge: Offloading or Doubling Down Amid Price Drop?

A significant movement of Bitcoin (BTC) by major holders has intensified scrutiny on Kraken as the crypto market navigates a price correction. Owen Gunden, one of the earliest BTC investors and a top-three crypto holder globally, transferred 395.8 BTC—valued at $43.55 million—to the exchange on October 30, according to an Onchain Lens report. This follows a larger transfer of 2,587.6 BTC ($290 million) over the past ten days, as reported by Daily Hodl. Gunden, whose holdings are tied to the Woobit exchange, has been actively reallocating assets amid Bitcoin's 12% dip from its all-time high of $126,680 to $109,428.

The activity underscores the ongoing liquidity shifts among whale portfolios. Gunden, who holds approximately $785 million in BTC and has a net worth of $1.3 billion as of September, has a history of navigating market cycles; he previously received 600 BTC as a creditor in the bankruptcy proceedings of BlockFi and Genesis Trading, firms he had used for services. Meanwhile, another notable whale—a participant in the Ethereum (ETH) initial coin offering—deposited 2,000 ETH ($7.92 million) into Kraken, marking a return on investment of over 12,778 times according to a Lookonchain post. The whale, holding 15,000 ETH ($58.73 million) at a cost basis of $0.31 per token, has continued to layer into positions despite the broader market's volatility.

Market observers have categorized these moves as routine portfolio management rather than bearish signals. Onchain Lens noted that Gunden's recent transfers lack directional bias, emphasizing transparency in transaction provenance. However, the timing coincides with broader uncertainty, as Bitcoin struggles to regain momentum ahead of the U.S. Federal Reserve's November meeting. The price dip has also prompted contrasting strategies among whales: while some, like Gunden, offload assets, others are doubling down. A "smart trader" with a 100% win rate in 14 trades has accumulated positions totaling $275 million in BTC, ETH, and SOL, with $16 million in realized profits.

The interplay between whale activity and market sentiment remains a focal point for analysts. Lookonchain highlighted that despite the dip, certain large holders are leveraging volatility to accumulate undervalued assets. Yet, the broader market's resilience hinges on whether these moves reflect confidence in Bitcoin's long-term trajectory or a reaction to near-term macroeconomic risks.