Simply put
- A cryptocurrency billionaire seems to have liquidated his entire Bitcoin fortune. Recently, he transferred it to an exchange and sold his holdings.
- He started buying Bitcoin back in 2011 and was one of the early traders to capitalize on BTC price differences. Estimates suggest he sold off his holdings for around $1.3 billion.
- Currently, Bitcoin’s value has dipped 31% from its peak just a month ago, prompting some analysts to adjust their forecasts downwards.
On-chain data indicates that a notable Bitcoin investor, who initially purchased BTC in 2011, has sold off his complete collection, totaling $1.3 billion. These transactions are linked to Owen Gunden, once considered among the wealthiest figures in the crypto space.
Gunden has been gradually shifting his cryptocurrency investments for years, according to Arkham Intelligence. However, in the past month, he has significantly increased his transfers, with over $344 million moving to the centralized exchange Kraken.
Arkham Intelligence suggests that these transfers point to Gunden having sold his entire Bitcoin portfolio of 11,000 BTC. Still, once funds are deposited on a centralized exchange, it’s tricky to ascertain their final use. There’s a possibility that he may use Kraken to hold assets or engage in activities like staking to earn returns.
Owen Ganden sold all of his $1.3 billion in Bitcoin
Owen Gunden was an OG Bitcoin whale who held BTC since 2011. Since late October, he has sold 11,000 BTC worth $1.3 billion.
He just transferred $230 million of BTC to Kraken, making it his final sale.
According to calculations by the on-chain intelligence firm, Gunden’s Bitcoin assets have been liquidated for a total of $1.3 billion since the transfers began in late October. Although he doesn’t seem very active online, his story continues to resonate within the cryptocurrency community due to his early investments in Bitcoin.
Over the 14 years that Gunden has held Bitcoin, his wealth has fluctuated with market trends. At one point in 2021, his holdings were valued at $936 million, but during the downturn in 2022, they dropped sharply to $209 million.
As of July 10, Bitcoin was priced at $115,000, with Gunden’s assets worth approximately $1.4 billion. This positioned him as the third-richest cryptocurrency billionaire, after Satoshi Nakamoto and Justin Sun, the Tron network’s founder.
By November 12, Gunden began moving his assets to Kraken, leading to a drop in his on-chain valuation to $561 million, making him the eighth richest crypto holder.
Reports reveal that Bitcoin has seen a decline of 31%, falling to $86,466 from an all-time high of $126,080 set just a month prior. This unexpected downturn raises concerns about the potential for a bear market in the crypto space.
In light of this decline, Cathie Wood of Ark Investments has lowered her Bitcoin target price from $1.5 million to $1.2 million for 2023, attributing it to an increased adoption of stablecoins as a payment method. Meanwhile, Galaxy, a cryptocurrency-focused investment firm, has also adjusted their year-end price target from $185,000 to $120,000, citing insufficient volatility to meet previous expectations.
