• Early Bitcoin (BTC) investor Owen Gunden has sold 11,000 BTC since late October.
• His final transfer of 2,499 BTC ($228 million) went to the Kraken exchange.
• Institutional ownership in U.S. spot Bitcoin (BTC) ETFs has surged to 40%, per recent 13-F filings.

Owen Gunden, one of Bitcoin’s (BTC) most long-serving “OG” whales, has reportedly liquidated all of his BTC stash, selling off some 11,000 BTC worth approximately $1.3 billion according to blockchain analytics. This comes amidst a larger change in the BTC market. Institutions are increasingly taking hold through spot Bitcoin (BTC) ETFs, even as market sentiment bears signs of deepening distrust.

Massive Bitcoin (BTC) Exit by OG Whale

On-chain data tracked by Arkham Intelligence shows Gunden began to reduce his holdings around October 21, transferring significant pieces of his Bitcoin (BTC) to exchanges. His final visible move came in depositing 2,499 BTC ($228 million) into Kraken. All in all, his wallet appears to have sold out, marking a full liquidation of a significant early-holder position.

Gunden is well-known in crypto circles. He was an early arbitrage trader on exchanges like Tradehill and Mt. Gox. He is also considered one of the wealthiest early BTC adopters.

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Institutional BTC ETF Holdings Climbs

At the same time as Gunden sells, institutions are taking the opposite direction. According to recent 13-F filings, roughly 40% of U.S. spot Bitcoin ETFs are now held by institutional investors. That represents a significant uptick from Q2 2024, when institutional ETF ownership stood at approximately 27%.

That suggests a wider market rotation may be underway. Early holders selling, while big-money players are accumulating or holding through ETF structures, is a stake on BTC’s longer-term appeal.

Market Sentiment Turns Cautious

A wave of selling by veteran holders like Gunden has overlapped with on-chain indicators flashing red. According to on-chain tools such as CryptoQuant’s Bull Score, the conditions are deeply bearish, reflecting a greater uncertainty among retail participants.

Not all analysts see Gunden’s move as a panic trigger, though. As a few on-chain observers have pointed out, this could well be a calculated “late-cycle” profit-taking distribution rather than a submission.

Also Read: Bitcoin Could Hit $250,000, Says Cardano Founder Amid Market Volatility