Bitcoin whale Owen Gunden dumps entire $1.3B stack as institutions tighten grip

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Bitcoin OG Owen Gunden sells $1.3 cardinal successful BTC arsenic retail panic grows, portion organization ownership of Bitcoin ETFs climbs to 40% contempt marketplace fear.

Bitcoin whale Owen Gunden dumps full $1.3B stack arsenic institutions tighten grip

Owen Gunden, 1 of the richest aboriginal Bitcoin holders, has sold his full Bitcoin presumption arsenic retail investors fly the marketplace and institutions proceed expanding their stock of spot Bitcoin exchange-traded funds.

The wallet tagged arsenic Owen Gunden by blockchain information level Arkham transferred his past 2,499 Bitcoin (BTC) worthy $228 cardinal to cryptocurrency speech Kraken connected Thursday.

In total, Gunden’s wallet has sold 11,000 Bitcoin worthy astir $1.3 cardinal since Oct. 21, liquidating his full Bitcoin holdings, according to Arkham.

Gunden’s transactions travel amid increasing concerns implicit the extremity of the bull market, with Bitcoin marketplace conditions deteriorating to their “most bearish” level during the existent cycle. CryptoQuant’s Bull Score Index has declined to 20/100, oregon utmost bearish, Cointelegraph reported earlier connected Thursday.

Gunden is the eighth-richest idiosyncratic successful crypto, with a nett worthy of astir $561 cardinal according to Arkham’s database of the apical crypto millionaires.

Gunden was an aboriginal Bitcoin arbitrage trader connected exchanges similar Tradehill and the now-defunct Mt. Gox. He traded 10s of thousands of Bitcoin connected the speech erstwhile it was inactive operational until 2014, gathering his onchain wealth.

Institutional ETF ownership surges

Meanwhile, the organization ownership of US spot Bitcoin ETFs continues rising to caller highs, contempt retail fears implicit the extremity of the bull marketplace cycle.

The organization ownership of Bitcoin ETFs surged to 40% connected Wednesday, wrote Bitcoin expert Root, successful an X post.

This marks a important summation from the 27% organization ownership recorded successful the 2nd 4th of 2024, erstwhile astir 1,119 firms held investments via US spot Bitcoin ETFs.

The 40% is based connected the latest 13-F filings of organization participants, which is simply a “conservative estimate” considering that lone institutions managing implicit $100 cardinal are required to record these reports to the Securities and Exchange Commission, Root said.

The increasing figures bespeak that institutions are holding onto their shares, contempt the large-scale selling by ETF shareholders, which has resulted successful $2.8 cardinal successful outflows truthful acold successful November, according to Farside Investors data.