TLDR
- Owen Gunden has sold his entire Bitcoin holdings totaling 11,000 BTC.
- He transferred his final 2,499 BTC worth $228 million to Kraken.
- The total value of his Bitcoin liquidation is approximately $1.3 billion.
- Gunden was one of the richest early Bitcoin holders and a known arbitrage trader.
- Arkham estimates Gunden’s current net worth at around $561 million.
A major Bitcoin whale has exited the market altogether, as institutional control of U.S. spot ETFs continues to increase rapidly. Owen Gunden transferred his final 2,499 Bitcoin to Kraken, completing a total liquidation of 11,000 BTC. His exit coincides with a period of growing fear among retail investors and a sharp drop in market sentiment.
Bitcoin Whale Gunden Liquidates Entire Holdings
Owen Gunden sent his last 2,499 Bitcoin, worth $228 million, to Kraken on Thursday, finalizing his complete exit. Blockchain platform Arkham tagged the wallet as belonging to the early Bitcoin whale and tracked the complete liquidation. The total value of the 11,000 BTC sold since October 21 stands at approximately $1.3 billion.
This transfer confirms that the Bitcoin whale has exited the market after holding large volumes since the early days of exchange arbitrage. Gunden previously traded tens of thousands of BTC on Tradehill and Mt. Gox until 2014. His trading helped build substantial on-chain wealth during Bitcoin’s formative years.
Gunden now ranks as the eighth-richest crypto holder, with Arkham estimating his net worth at around $561 million. His decision to liquidate appears timed with growing bearish signals in the market. The timing aligns with a steep drop in market sentiment indicators tracked by onchain analytics platforms.
CryptoQuant Index Turns Bearish as Bitcoin Whale Exits
CryptoQuant’s Bull Score Index fell to 20 out of 100 this week, marking extreme bearish conditions for the current cycle. This metric reflects decreasing buying pressure as retail confidence in the market declines. Bitcoin whale activity like Gunden’s selloff reflects these weakening market dynamics.
Retail outflows have accelerated since early November as traders exit ETF positions. Bitcoin ETF data shows $2.8 billion in net outflows during the month, per Farside Investors. However, this contrasts sharply with institutional sentiment, which appears more stable.
The Bitcoin whale’s actions come as retail traders express concern about the current price range and uncertain trajectory. The decline in the Bull Score suggests fewer bullish catalysts are present. Gunden’s final transfer may further shake already fragile investor confidence.
Institutional Bitcoin ETF Ownership Reaches 40%
Institutions now account for 40% of U.S. spot Bitcoin ETF holdings, according to the latest 13-F filings with the SEC. This is up from 27% in Q2 2024, when 1,119 firms reported ETF investments. The Bitcoin whale’s selloff highlights the diverging paths between retail and institutional players.
Bitcoin analyst Root described the 40% figure as a “conservative estimate,” due to filing limits for smaller institutions. Only firms managing over $100 million are required to disclose their ETF positions. Therefore, actual institutional control may be higher than current data suggests.
While some retail investors are selling, institutions are maintaining or adding to their positions. These filings confirm that large players are not exiting in the same way as the Bitcoin whale. The contrast between retail exits and institutional stability reflects shifting ownership structures.
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