Bitcoin OG Large-Scale Profit-Taking Sale, Whale Transfers 1650 Bitcoin

On-chain analytics provider EmberCN disclosed that on March 19, an early Bitcoin holder who accumulated 5,000 BTC at an average price of approximately $332 per coin in 2013 resumed selling, transferring 1,000 BTC to exchanges, with a market value of about $71.6 million. Well-known early investor Owen Gunden sold approximately 650 BTC on the same day, worth around $46.3 million.

The trading volume and profit records of two major Bitcoin OGs

(Source: Arkham)

According to EmberCN’s on-chain tracking, the wallet “bc1q…6ym” has transferred a total of 3,500 BTC to Binance since beginning to sell in November 2024, with a total value of approximately $332 million and an average sale price of about $94,786 per BTC. Based on the 2013 average cost of $332, this Bitcoin OG, who has held for over 13 years, has accumulated a total profit of roughly $330 million, with a return of over 280 times. Currently, this wallet still holds about 1,500 BTC, with a market value of approximately $106.8 million at current prices, indicating it has not fully liquidated its holdings.

(Source: Arkham)

As for Owen Gunden, Lookonchain analysts have identified his related wallet using Arkham’s address tracking tools. However, it is worth noting that Gunden himself cannot be contacted for confirmation, and such on-chain attribution analyses have previously been questioned, so there is some uncertainty regarding the attribution.

Exchange whale ratio: institutional dominance reaches an 8-month high

In addition to individual large holders’ selling actions, CryptoQuant’s market data reveals broader trends in whale capital flows. The “Exchange Whale Ratio” refers to the inflow volume of the top 10 Bitcoin deposit accounts as a proportion of total Bitcoin inflows into exchanges — the higher the ratio, the fewer large holders are dominating the market capital flow.

On March 14, this ratio reached 0.83, meaning the top 10 accounts contributed 83% of the daily Bitcoin inflow into exchanges — the highest since July 2024. As of March 19, the ratio remained at 0.66, indicating that the trend of whale-led exchange deposits has not quickly diminished.

Current Bitcoin price: over 43% below the all-time high

Amid large-scale selling by Bitcoin OGs and whale inflows into exchanges, Bitcoin’s price continues to be under pressure. As of early March 19, EST, Bitcoin was around $70,813, down approximately 4.5% in 24 hours. This is over 43% below the all-time high of about $124,700 set in October 2025.

Frequently asked questions

What is a Bitcoin OG, and why is their selling activity market-sensitive?

Bitcoin OG (Original Gangster) refers to veteran investors who accumulated large amounts of Bitcoin at very low prices in the early days (usually before 2013) and have held for many years. Their selling activity, due to large holdings, often directly impacts market supply and is viewed as a significant potential selling pressure.

How impressive are the profits from this Bitcoin OG’s sale?

According to EmberCN’s on-chain analysis, the wallet was built at an average cost of about $332 and has sold at an average price of about $94,786, with total profits of approximately $330 million and a return of over 280 times. The wallet still holds about 1,500 BTC that have not yet been sold.

What market signals does the exchange whale ratio reflect?

The exchange whale ratio measures the inflow volume of the top 10 Bitcoin deposit accounts as a proportion of total Bitcoin inflows into exchanges. A higher ratio indicates that large holders are dominating capital flows, which is often interpreted as institutions or big players transferring Bitcoin into exchanges with potential selling intentions.