365Crypto
Bitcoin just saw one of its wildest moves this cycle. Owen Gunden, a quiet early BTC whale with deep roots in the old Mt. Gox era, finally emptied his entire stash. The sale hit a total of 11,000 BTC, worth roughly $1.3 billion. Markets barely had time to blink before retail traders panicked.
Gunden’s last move was a 2,499 BTC deposit into Kraken, worth about $228 million. It marked the end of one of the longest-held whale positions from Bitcoin’s early trading days. His wallet now sits at zero, and sentiment across crypto feels just as drained. CryptoQuant’s Bull Score Index fell to 20 out of 100, signaling heavy bearish pressure.
Gunden is still listed among the crypto elite. Arkham tracks him as the eighth-richest person in the industry, with a net worth of about $561 million. Most of his wealth dates back to his fast-paced arbitrage trading on Mt. Gox and Tradehill, where he traded tens of thousands of BTC before 2014. He built his fortune through speed, spreads, and pure nerve. Today, many traders wonder why he tapped out.
While retail investors flinch, institutions push forward. Spot Bitcoin ETFs reached 40% institutional ownership this week. That’s up from only 27% last year. The figure is based on 13-F filings, meaning it only counts big players managing over $100 million. Real ownership is likely higher, and the filings show that institutions are gripping their shares tightly despite record ETF outflows.
Footnotes:
Bull Score Index: A sentiment metric tracking bullish vs bearish market conditions.
ETF 13-F Filing: A quarterly report institutions file with the SEC to reveal their holdings.
Arbitrage Trading: Buying an asset on one platform and selling it on another to capture price differences.
