**Bitcoin Price Struggles as Whale Movements Fuel Market Uncertainty**
Bitcoin’s price struggled to regain momentum last week, hovering just above the $100,000 threshold after a turbulent start to November. The entire market sentiment remains somewhat fragile following heavy selling pressure from large holders. On-chain data highlights major whale movements that may be further contributing to the ongoing downtrend.
### Key Whale Activity Shapes Recent Price Action
High-profile entities, including the Winklevoss twins’ Gemini Custody wallets and early Bitcoin miner Owen Gunden, have emerged as central figures in the recent surge of large Bitcoin transactions, potentially influencing Bitcoin’s price action.
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#### Winklevoss Twins Move Millions in BTC from Gemini Custody
According to blockchain data, wallets linked to Winklevoss Capital and Gemini Custody have been consistently transferring large amounts of Bitcoin over the past several months. These movements appear to be part of a deliberate and ongoing adjustment of their holdings, with transactions often timed and substantial in size.
The latest noteworthy transaction involved 250 BTC—worth approximately $25.45 million at current prices—moved to a Gemini hot wallet just hours ago. If these transfers align with sales, it suggests that the twins have been methodically reducing their Bitcoin positions over time, favoring a measured approach rather than sudden, bulk liquidations.
Since the start of 2025, the twins have effectively liquidated over 9,000 BTC, equivalent to around $900 million. Their holdings have dropped from roughly 24,000 BTC earlier in the year to under 16,000 BTC at present.
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#### Bitcoin OG Owen Gunden Moves Final Holdings Toward Exchanges
Another wallet attracting significant attention belongs to Owen Gunden, an early Bitcoin miner and Genesis creditor. On-chain analytics platform Lookonchain reports that Gunden recently moved a total of 3,549 BTC (about $361.8 million) in a single transaction just eight hours ago. This follows earlier transactions, including 3,601 BTC ($372.1 million) sent one day prior.
Notably, approximately 600 BTC from these transfers—worth over $61 million—have already been deposited on Kraken, indicating potential liquidation. These movements have reduced Gunden’s holdings from around 11,000 BTC to nearly zero. Large-scale transfers to exchange-linked wallets like these often precede sell orders, adding to short-term selling pressure.
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### Broader Market Indicators Add Pressure
The Gunden transactions, alongside similar significant moves from the Winklevoss twins, represent just a portion of the whale sell events recorded in November. These activities have intensified Bitcoin’s persistent selling pressure.
Institutional trends mirror this sentiment. US-based spot Bitcoin ETFs have recorded sustained outflows, with data showing last Friday ending with $558.44 million in outflows from these funds.
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### Outlook: Short-Term Concerns Amid a Green Weekend
The combined effect of these whale movements and institutional outflows presents a concerning short-term outlook for Bitcoin. Despite these headwinds, this weekend stood out as another positive one for Bitcoin. At the time of writing, Bitcoin is trading at $106,270, up 4.4% in the past 24 hours. This marks the fourth consecutive green weekend for Bitcoin, although gains on previous weekends were quickly reversed each Monday.
As large holders continue to reshape their portfolios, the market remains on edge, watching closely for the next move that could set Bitcoin’s direction in the weeks ahead.
https://bitcoinethereumnews.com/bitcoin/here-are-the-bitcoin-whales-that-have-been-dumping-btc-and-crashing-the-price/
