Satoshi-Era Bitcoin Holder Moves $290Mln to Kraken, Sparking Market Jitters

One of Bitcoin’s earliest known investors, Owen Gunden, has transferred 2,587 BTC, worth roughly $290 mln, to crypto exchange Kraken over the past 10 days, raising fears of renewed selling pressure on the market.

Gunden, among the first to hold more than 10,000 BTC during Bitcoin’s early «Satoshi-era» years, had been largely inactive for over a decade. His sudden movement of funds comes as Bitcoin struggles to hold key technical levels following repeated rejections in the $114,000–$116,000 range.

Bitcoin has slipped to around $112,000, with analysts warning that a break toward the 200-day moving average near $108,000 could deepen a correction. On-chain data shows declining inflows and weak trading volumes, suggesting buyer fatigue and hesitation among new investors.

Market watchers say the transfer may signal profit-taking by early holders amid falling median long-term returns and cooling sentiment.

While long-term fundamentals remain intact, Gunden’s move underscores shifting market psychology. Analysts caution that Bitcoin may face further downside before any meaningful rebound materializes.