Strategy Gearing Up to Buy Bitcoin While OG Whale Keeps Selling

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.https://t.co/QYVHyxa0SV pic.twitter.com/wMpQvS5O9y
— 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.