Bitcoin (BTC) price action has taken a sharp downturn, plummeting to $86,000 on major exchanges—a level not seen since April—as a massive selling spree by a long-term “Original Gangster” (OG) holder exacerbates the market crash.
The drop has brought the cryptocurrency near a crucial support line, but the selling pressure from a key whale has been the most alarming factor for analysts.
Data from Arkham Intelligence reveals that Owen Gunden, a well-known Bitcoin OG who has held the asset for 14 years, has been liquidating a significant portion of his holdings. The entity has reportedly disposed of 11,000 BTC—a stash valued at approximately $1.3 billion—since October.
The latest transaction occurred earlier today, with a substantial transfer of $230 million worth of the cryptocurrency detected moving to the Kraken exchange, typically a precursor to a large market sell.
This behavior contrasts sharply with other major investors, who have reportedly been accumulating Bitcoin during the broader crash that saw the asset fall from over $107,000 in less than ten days.
The sharp decline has triggered a massive liquidation event across the derivatives market, with over $410 million in long positions being wrecked over the past 24 hours. Total liquidated positions across the entire crypto market stand close to $900 million, with the largest single order exceeding $30 million on HTX.
