Why Did The Bitcoin King Sell All His BTC? Inside Owen Gunden’s Crypto Exit | Cryptocurrency News

Arkham Intelligence data showed that Owen Gunden quietly began offloading Bitcoin in October.

The cryptocurrency community is reeling after one of Bitcoin’s earliest and most influential investors, Owen Gunden, abruptly exited the market, liquidating his entire holdings in a move many are calling the “end of an era”. Gunden, often referred to by traders as the ‘King of Bitcoin’, reportedly accumulated the asset when it traded for less than a dollar. His final exit has left him with an estimated $1.3 billion, according to a recent report from Tron Weekly.

Arkham Intelligence data showed that Gunden quietly began offloading Bitcoin in October. On October 21, his wallet sent a series of large transactions to multiple exchanges, typically a signal that a sale is imminent. His final major transfer involved 2,499 BTC, valued at roughly $228 million, which he sold through the Kraken exchange. Analysts now confirm that Gunden’s once-legendary wallet is completely drained.

Following the news of Gunden’s liquidation, CryptoQuant’s Bull Score Index plummeted to 20, a level classified as “extreme bearish”. The metric reflects heightened fear and uncertainty among retail traders, many of whom long viewed Gunden as a stabilising force in the Bitcoin ecosystem.

Ironically, this wave of fear comes at a time when institutional interest in Bitcoin is surging. Tron Weekly notes that institutional participation, which stood at 27% in the second quarter of 2024, has now climbed to nearly 40%. The simultaneous exit of a historic whale and the increased presence of large financial institutions is fueling confusion across the market.

FinanceFeeds places Gunden as the 8th-richest figure in the digital-asset sector, with a net worth of approximately $561 million outside his recently liquidated BTC holdings. His crypto journey began in Bitcoin’s earliest days, when he engaged in arbitrage trading across platforms like Tradehill and the now-defunct Mt. Gox. Cointelegraph has previously documented how Gunden moved thousands of BTC between exchanges long before blockchain analytics or institutional oversight existed, establishing one of the most formidable early on-chain portfolios.

His strategic silence and calculated movements earned him a reputation as a “crypto wizard”, someone whose decisions often foreshadowed market shifts.

Why Did He Leave? Analysts Weigh In

Speculation about Gunden’s motivations is spreading quickly. Some social-media commentators claim he intended to spark fear in the market, but analysts largely disagree. Most experts believe the move reflects deliberate profit-taking after more than a decade of patience.

Several analysts suggest Gunden may see the current Bitcoin cycle as nearing its top. Others believe he could be reallocating billions into a new venture or emerging technology. Whatever his plan, the manner of his exit – quiet, measured, without fanfare – reinforces the lesson he has embodied since Bitcoin’s infancy, that the biggest players move silently.

Bitcoin Price Shock Adds to Market Anxiety

Bitcoin’s sharp downturn has intensified the reaction. After briefly touching levels near $124,000 in October, Bitcoin has since fallen to about $86,000, marking a steep 40% decline in just a month. Gunden’s total withdrawal from the market is adding a fresh wave of doubts among investors, many of whom are searching for clues about what comes next.