Big Bitcoin Holders Are Selling, But It Is No Panic Sell

Glassnode: Big Bitcoin Holders Are Selling, But It Is No Panic Sell

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 14, 2025

Key Takeaways

Large Bitcoin holders are moving more coins to exchanges, but Glassnode analysts said this is typical of a maturing market;
On November 13, 2,400 BTC worth $237 million was sent to Kraken by a wallet linked to trader Owen Gunden;
Glassnode data shows long-term investors are gradually cashing out profits, a normal behavior seen in every past bull cycle.

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Large Bitcoin BTC $95,229.29 holders have recently started moving more of their coins to exchanges, which has worried some market watchers.

However, data from Glassnode suggests this is normal behavior during the later part of a market uptrend.

On November 13, a wallet linked to trader Owen Gunden sent 2,400 Bitcoin, worth about $237 million, to Kraken $679.92M , according to blockchain tracker Arkham.

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This trend has sparked discussion about long-time investors "dumping" their holdings or preparing for a major sell-off. However, Glassnode analysts said the situation is not as simple as it looks.

Their data shows that while long-term holders are moving more Bitcoin, the activity points to a gradual and steady pattern, not panic selling.

According to Glassnode, the daily average of Bitcoin spent by long-term holders has increased from just over 12,000 BTC in July to around 26,000 BTC by November 13.

The firm describes this as common behavior toward the end of a strong market cycle. Glassnode said:

This steady rise reflects increasing distribution pressure from older investor groups, a pattern typical of late-cycle profit-taking, not a sudden exodus of whales.

The analysts also noted that this has occurred in every previous cycle. Long-term investors often sell part of their holdings once prices rise enough to secure profits, before new buyers take over.

Recently, Bitfinex reported that Bitcoin may not experience its usual November rise this year. Why? Read the full story.