Key Notes
- On-chain data shows test transactions from Coinbase to Strategy.
- Bitcoin OG Owen Gunden moved his last chunk 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 of the 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 transaction, it’s usually an indicator of preparing for a large inflow. In this case, Strategy aims to make sure its wallet address works seamlessly to avoid a huge loss.
Strategy’s test transactions come just after a €620 million, roughly $717 million, STRE offering in Europe . The Bitcoin treasury firm, which was originally a business intelligence and data analytics company, tapped a foreign market for the first time since its initial public offering in June 1998.
Saylor’s company’s latest Bitcoin purchase of 397 BTC, at an average price of $114,771, was recorded on Nov. 3.
Currently, Bitcoin is trading at $101,800 with a market cap of $2.03 trillion.
OG Whale Keeps Selling
Bitcoin OG whale Owen Gunden has been aggressively dumping his BTC holdings , worth roughly $11 billion in total, since Oct. 21 via the Kraken crypto exchange.
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 seems ready to dump all of his 11K $BTC ($1.12B).
8 hours ago, he moved his remaining 3,549 $BTC ($361.84M) — with 600 $BTC ($61.17M) already deposited to #Kraken .
— Lookonchain (@lookonchain) November 9, 2025
Moreover, the new address has already deposited 600 BTC, worth $61.1 million, to Kraken.
Sudden crypto deposits into cryptocurrency exchanges typically result in a selloff.
Due to the whale’s large holdings, the movement will likely put pressure on the Bitcoin price unless Strategy’s buying spree neutralizes the negative momentum.
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