Major whale signals dumping over $1 billion of this crypto

As Bitcoin ( BTC ) struggles to maintain its price above the $100,000 mark, on-chain data indicates that the asset is likely to experience more volatility, especially considering that a long-term holder identified as Owen Gunden might be preparing to ￰0￱ of his transactions shows that Gunden transferred his remaining 3,549 BTC, valued at approximately $361.84 million, from his primary wallet. Notably, 600 BTC, worth about $61.17 million, has already been deposited to the crypto exchange Kraken, a move often seen as preparation for selling, according to Arkham data retrieved on November ￰1￱ remaining funds are sitting in an unspent address, possibly awaiting further ￰2￱ whale Bitcoin transaction.) already sent to ￰3￱ total, over the past two days, the whale has moved more than 7,100 BTC, bringing his total offloaded amount in recent weeks to roughly 11,000 BTC, equivalent to $1.12 billion at current ￰4￱ impact on Bitcoin price Such large-scale movements of Bitcoin to centralized exchanges typically indicate an intention to sell, which can weigh heavily on market ￰5￱ dumps of this magnitude tend to increase selling pressure, potentially leading to short-term corrections in Bitcoin’s price as liquidity absorbs the sudden influx of ￰6￱ Gunden proceeds with selling his remaining holdings, Bitcoin could face intensified volatility in the coming days, especially as traders and algorithms react to the on-chain signals of a possible billion-dollar liquidation.

Indeed, this selling pressure comes as Bitcoin struggles to make a notable move above the $100,000 mark, briefly correcting below that level earlier this ￰7￱ macroeconomic factors, the asset has also been weighed down by massive institutional exits through exchange-traded funds ( ETFs ). Over the past week, the spot Bitcoin ETFs shed almost $2 billion, one of their steepest weekly declines since the products ￰8￱ press time, Bitcoin was trading at $102,009, having made a modest correction of 0.5% in the past 24 ￰9￱ the weekly timeline, the asset is down over 8%. Featured image via Shutterstock