Bitcoin OG Owen Gunden Sells Entire Stack Worth $1.3 Billion

21st November 2025 – Owen Gunden, one of Bitcoin’s earliest and richest holders, has fully liquidated his BTC stash. This massive exit comes just as institutional ownership of Bitcoin ETFs rises and retail sentiment drops sharply.

A Whale’s Final Move: 11,000 BTC Sold

Arkham Intelligence data shows that a wallet linked to Gunden moved 2,499 BTC to Kraken on Thursday. That transaction, worth around $228 million, emptied the wallet. Since October 21, he has sold nearly 11,000 BTC, totaling about $1.3 billion in value.

Gunden is not just any whale. He made his fortune as an early arbitrage trader on platforms like Tradehill and Mt. Gox. Over the years, he built one of the largest onchain positions. Arkham currently ranks him as the eighth-richest individual in crypto.

Bearish Sentiment Deepens as Gunden Exits

This exit happens at a time when market sentiment is hitting new lows. CryptoQuant’s Bull Score Index now reads 20 out of 100, which signals extreme bearish conditions.

Bitcoin’s price has also slipped below its October high. Retail trading activity is slowing down, and ETF outflows in November have crossed $2.8 billion.

These factors point to a market that is under pressure. When whales exit during such moments, volatility often rises. But at the same time, these moments sometimes mark the final stage of a correction.

Institutions Step In as Retail Exits

While retail investors are selling, institutions appear to be doing the opposite. According to recent 13-F filings, about 40 percent of U.S. spot Bitcoin ETFs are now held by institutions. That number has increased from 27 percent in the second quarter of 2024.

These filings only include large institutions with over $100 million in assets. So, actual institutional exposure is likely even higher.

This trend shows that professional investors are buying when fear is high. Retail users are reducing their exposure, but institutions are building their positions.

Why Did Gunden Sell Now?

Gunden has not shared a public explanation. However, there are a few possible reasons behind his decision:

• He may believe this bull cycle is nearing its end and chose to take profits while prices are still high.
• His exit could be part of a portfolio shift, possibly toward other assets or fiat.
• Tax strategy or estate planning may have also influenced the move.

Regardless of the reason, the timing has raised eyebrows. Most early Bitcoin adopters do not fully cash out. Many of them hold their coins for years or even decades. Gunden’s complete exit breaks that pattern.

What It Means for Bitcoin’s Future

This moment highlights a key shift in Bitcoin’s investor base. Retail participation is falling. Meanwhile, institutions are gaining ground, especially through ETFs.

If this trend continues, Bitcoin could start behaving more like traditional financial assets. That might reduce long-term volatility, but it could also lead to sharper short-term swings.

For now, Gunden’s exit adds weight to the current market correction. At the same time, history suggests that such exits often happen close to turning points. If institutions keep accumulating, the next recovery may already be forming beneath the surface.

The Talk

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KOLsMediaCommunity

LOW

BIG BREAKING 🚨 16 YEAR OLD BITCOIN WHALE OWEN GUNDEN HAS NOW SOLD ALL OF HIS $1.3 BILLION BITCOIN . HE BOUGHT BITCOIN UNDER $1 . https://t.co/9qS3NLH7BQ

BITCOINLFG®

@bitcoinlfgo

about 19 hours ago

LOW

OWEN GUNDEN HAS NOW SOLD ALL OF HIS $1.3 BILLION BITCOIN Owen Gunden was an OG Bitcoin whale who held BTC since 2011. Since late October he has sold 11K BTC worth $1.3 billion. He has just transferred $230M of BTC to Kraken, marking his final sale. https://t.co/m0gQWCHrxZ

Arkham

@arkham

about 19 hours ago

LOW

🚨OG BITCOIN WHALE SOLD $1.3 BILLION BTC! Owen Gunden, a $BTC holder since 2011, has now sold all 11,000 BTC worth $1.3 BILLION. One of Bitcoin’s earliest whales is OUT! 👀 https://t.co/UnN0txdUwU

Coin Bureau

@coinbureau

about 19 hours ago