According to on-chain and market reports, the drop wiped out more than $700 million in long positions and left November down by more than 10%.
Reports have disclosed that a wallet tied to trader Owen Gunden moved 2,400 Bitcoin — about $237 million — onto the Kraken exchange, a transfer tracked by blockchain watcher Arkham.
Based on analysis by Glassnode, long-term holders’ average daily spending rose from over 12,000 BTC per day in early July to roughly 26,000 BTC per day as of this week.
OWEN GUNDEN JUST SOLD ANOTHER $290M BTC
Owen Gunden just moved all of the remaining BTC out of his accounts. He deposited over HALF of his holdings directly into Kraken, depositing a total of $290.7M of BTC into Kraken.
That pattern, Glassnode analysts say, looks like orderly distribution by older holders rather than a sudden mass exit. It is being framed as late-cycle profit-taking: regular, steady, and spread out.
According to Santiment, Bitcoin has fallen below $100K for the second time this month, triggering a burst of fear and worried posts from retail traders.
Vincent Liu, CIO at Kronos Research, disclosed that structured selling and steady rotation of gains often show up in late-cycle phases.
He cautioned that this phase doesn’t automatically signal a final peak, provided there are still buyers ready to take in the extra supply.
Being in a late cycle doesn’t mean the market has hit a ceiling, he pointed out. It just shows momentum has eased, and bigger forces like macro trends and liquidity are now in control, he said.
“Rate-cut doubts and recent market weakness have slowed the climb, not ended it,” Liu said. In other words, there’s no meltdown or anything like it.
On-chain indicators are being watched closely; Bitcoin’s net unrealized profit ratio stood near 0.476, a level some traders interpret as hinting at short-term lows forming.
That reading is only one of several signals, Liu added, and must be tracked alongside liquidity and macro conditions.
Cipher Mining fell 14%, Riot Platforms and Hut 8 dropped 13%, while MARA Holdings and Bitmine Immersion slid over 10%. Coinbase and Strategy were down about 7%.
Based on reports, large institutional flows have pressured prices. Firms including BlackRock, Binance and Wintermute reportedly sold more than $1 billion in Bitcoin, a wave of selling that produced a quick 5% drop inside minutes.
Featured image from Unsplash, chart from TradingView
