Owen Gunden, famously known as the Bitcoin wizard, has sold off his entire BTC holdings worth $1.3bn, according to several reports. Guden bought the coin when it was valued under $1. According to a report by Tron Weekly, he has sold off around 11,000 BTC. His exit comes at a time when major institutions are putting more money into Bitcoin through spot ETFs, at the same time that many everyday investors are becoming more sceptical or worried about the market.
Owen Gunden’s exit
According to Arkham Intelligence, he started trimming his holdings in October, starting around October 21. He moved large volumes of Bitcoin to crypto exchanges, a typical precursor to selling, with his last transaction being a transfer of 2,499 BTC (around $228 million) to Kraken. His wallet has reportedly been completely emptied.
Following this, CryptoQuant’s Bull Score Index has dropped to 20, indicating “extreme bearish” conditions for the ongoing market cycle.
It is to be noted that at a time when Gunden has sold off all his BTC holdings, institutional investors are betting their money on Bitcoin. According to Tron Weekly, the 13F filings show institutional participation rising from 27 per cent in Q2 2024 to about 40 per cent currently.
Who is Owen Gunden?
Owen Gunden, per a report by FinanceFeeds, is the eighth-richest individual in the crypto industry, with an estimated net worth of $561 million. He was one of the early arbitrage traders on Tradehill and now-defunct Mt Gox. In Bitcoin’s early years, he reportedly moved tens of thousands of coins across exchanges, building a substantial on-chain position long before the asset reached mainstream adoption, per a report by Cointelegraph.
Many analysts view Gunden’s exit as a calculated profit-taking move rather than a market trigger. It may suggest that the current cycle is nearing its peak, or simply that he is reallocating capital into newer assets as part of a broader portfolio reshuffle.
Bitcoin is currently trading at $87,151.40, with a 24-hour trading volume of $96.05 billion as of November 19. The asset has dropped below $90,000 recently, hitting a multi-month low.