Bitcoin Whale Owen Gunden Completely Liquidates Holdings
Owen Gunden, a prominent figure among Bitcoin holders, has sold off all of his cryptocurrency assets.
With his net worth recently estimated at around $1.3 billion, Gunden has unloaded a substantial amount of BTC over the last month, reacting to a significant dip in retail confidence.
According to blockchain data, a wallet linked to Gunden transferred its final batch of 2,499 BTC, valued at about $228 million, to Kraken on November 20th.
This action represents the total liquidation of approximately 11,000 BTC since October 21st.
Gunden’s departure from the market occurs during a time when Bitcoin is facing immense pressure due to unfavorable market conditions.
Tony Severino, a Certified Market Technologist and Bitcoin trader, indicated that this decline signifies a “dangerous bearish” moment in the current cycle, suggesting the potential for a prolonged bear market based on quarterly patterns.
Having gained his wealth as an early Bitcoin arbitrage trader at Trade Hill and the now-defunct Mt. Gox, Gunden reportedly managed tens of thousands of BTC until the exchange’s collapse back in 2014.
His latest move aligns with a broader trend of retail selling, likely fueled by rising concerns that the previous bullish cycle is running out of steam.
Currently, Bitcoin has fallen from over $103,000 earlier this month to trade within the range of $88,000 to $91,000—its lowest point since April.
In just the past 24 hours, over $636.7 million in liquidations occurred, affecting 208,712 traders, amidst increased volatility.
The wider cryptocurrency market remains tumultuous. Ethereum is hovering around $2,980, while other major cryptocurrencies like Solana, XRP, and BNB continue to show varied but erratic price movements.
Notably, November marked the worst month for the Spot Bitcoin ETF since its launch.
Currently, U.S. spot ETFs have noted $2.8 billion in outflows in November, attributed mainly to retail investors scaling back their involvement as Bitcoin reaches multi-month lows.
