Two major bitcoin investors have transferred significant amounts of BTC to exchanges in recent days — this has alarmed traders and sparked talk of a possible sell-off.
According to Lookonchain, a user nicknamed BitcoinOG (1011short) has sent about 13,000 BTC worth $1.48 billion to Kraken since the beginning of October. Another early holder, Owen Ganden, transferred 3,265 BTC — about $364.5 million — to the same exchange after October 21.
Such actions, as bitcoin trades near $108,000, have led to much speculation. Long-term investors may be taking profits or opening short positions. Although these transfers do not necessarily mean an immediate sale, analysts warn that such moves often precede increased market volatility.
Major player 1011short moves BTC to exchanges
The pseudonym BitcoinOG (1011short) hides a major player known for aggressive bets against BTC during periods of high volatility. He became widely known after a successful short during the crash on October 11, when he reportedly made nearly $197 million by closing large positions.
Since then, wallet clusters linked to 1011short regularly send BTC to exchanges like Kraken, Binance, Coinbase and Hyperliquid — this may indicate preparation for margin trading or possible liquidations.
Among the latest moves is a transfer of 500 BTC ($55 million) to Kraken on November 2, as well as several smaller transactions to Hyperliquid in the range of 70 to 150 BTC. According to on-chain analysts, this activity resembles 1011short‘s behavior in previous cycles, when he increased short positions during market pullbacks.
Bitcoin veteran returns: one of the earliest holders is active again
Owen Ganden, known as one of the earliest bitcoin holders from the Satoshi era, has suddenly emerged from years of silence. From October 21 to November 3, he sent 3,265 BTC worth $364.5 million to Kraken. The transactions were made in stages: 364 BTC on October 22, 1,448 BTC on October 29, and another 483 BTC on November 3.
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Rumor has it that Ganden accumulated over 15,000 BTC in the early years of the network and was considered a true “OG” — someone who held coins through all market cycles. However, his recent transfers are among the largest in many years, which may indicate profit-taking or asset redistribution.
According to Arkham, several of his wallets holding decade-old bitcoins were activated at the end of October. This coincided with a period when the market stabilized in the $110,000–$115,000 range after sharp swings in October caused by liquidations and changing rate expectations.
Are whales preparing to sell or just changing strategy?
Analysts describe the overall market sentiment as restrained. When such volumes enter exchanges, it almost always increases supply-side pressure and can lead to sharp price swings, especially when liquidity is low.
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The main question for traders: do these transfers mean imminent profit-taking or is this just preparation without immediate action? Historically, inflows from large OG wallets have often triggered a 5–10% correction, followed by a new accumulation phase as selling pressure eased.
