Key notes
- On-chain data shows test transactions from Coinbase to Strategy.
- Bitcoin OG Owen Gunden has moved his last piece of BTC holdings to an unknown address.
- The broader cryptocurrency market remains uncertain, with Bitcoin hovering below $102,000.
Strategy, the leading Bitcoin (BTC) treasury company with 641,205 BTC, is preparing to accumulate more digital gold following a fundraising in Europe.
On-chain data shows that the company, led by Michael Saylor, has completed five test transactions from Coinbase Prime over the past two days.
When an institution or whale makes a test trade, it usually indicates that it is preparing for a large inflow. In this case, Strategy aims to ensure that its wallet address works seamlessly to avoid a huge loss.
Strategy’s test deals come on the heels of a €620 million, or about $717 million, STRE offering in Europe. The Bitcoin treasury company, which was originally a business intelligence and data analytics company, tapped into a foreign market for the first time since its June 1998 IPO.
Saylor’s last Bitcoin purchase of 397 BTC at an average price of $114,771 was recorded on November 3.
Currently, Bitcoin is trading at $101,800 with a market cap of $2.03 trillion.
OG Whale continues to sell
Bitcoin OG whale Owen Gunden has been aggressively dumping his BTC holdings, worth a total of around $11 billion, since October 21 via crypto exchange Kraken.
The long-time Bitcoin holder sent the last portion of his assets – 3,549 BTC, worth $361.8 million – to an unknown address.
Bitcoin OG Owen Gunden looks ready to give up all his 11K $BTC($1.12 billion).
8 hours ago he moved his remaining 3,549 $BTC($361.84 million) — with 600 $BTC($61.17 million) already deposited to #Kraken. pic.twitter.com/wMpQvS5O9y
– Lookonchain (@lookonchain) November 9, 2025
Additionally, the new address has already deposited 600 BTC, worth $61.1 million, with Kraken.
Sudden crypto deposits into cryptocurrency exchanges usually result in a massive sell-off.
Due to the whale’s large holdings, the move will likely put pressure on Bitcoin’s price unless Strategy’s buying spree neutralizes the negative momentum.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his credit and his work has been featured in some of the leading media outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Besides reporting, Wahid likes to connect the dots between DeFi and macro in his newsletter, On-chain Monk.
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