One of the wealthiest early Bitcoin holders, Owen Gunden, has sold his entire Bitcoin position, while retail investors flee the market and institutions continue to increase their shares in spot Bitcoin exchange-traded funds.
Blockchain data platform Arkham marked Gunden's wallet, which transferred its last 2,499 Bitcoins (BTC) to the cryptocurrency exchange Kraken on Thursday, valued at $228 million.
According to Arkham, Gunden's wallet has sold a total of 11,000 Bitcoins since October 21, worth approximately $1.3 billion, clearing out his entire Bitcoin holdings.
Gunden's trades come amid growing concerns about the end of the bull market, as the Bitcoin market conditions have deteriorated to the "most bearish" level of the current cycle. Cointelegraph reported earlier on Thursday that CryptoQuant's bull market score index has dropped to 20/100, indicating extreme bearishness.
According to Arkham's cryptocurrency millionaire list, Gunden is the eighth richest person in the cryptocurrency space, with a net worth of approximately $561 million.
Gunden was an early Bitcoin arbitrage trader on exchanges like Tradehill and the now-defunct Mt. Gox. He traded tens of thousands of Bitcoins on the exchange before it ceased operations in 2014, accumulating his on-chain wealth.
Meanwhile, despite retail fears about the end of the bull market cycle, institutional holdings in U.S. spot Bitcoin ETFs continue to rise to new highs.
Bitcoin analyst Root wrote in a post on X that institutional holdings in Bitcoin ETFs surged to 40% on Wednesday.
This marks a significant increase from the 27% institutional holdings recorded in the second quarter of 2024, when approximately 1,119 companies held investments through U.S. spot Bitcoin ETFs.
Root stated that this 40% is based on the latest 13-F filings from institutional participants, which is a "conservative estimate," as only institutions managing over $100 million in assets are required to submit these reports to the U.S. Securities and Exchange Commission (SEC).
According to Farside Investors, despite massive sell-offs by ETF shareholders leading to $2.8 billion in outflows so far in November, the growing numbers indicate that institutions are holding onto their shares.
Related: Analyst: Bitcoin (BTC) whale activity is expected to see the most active week of the year
Original article: “Bitcoin (BTC) whale Owen Gunden sells off entire $1.3 billion position”
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