Why Did The Bitcoin King Sell All His BTC? Inside Owen Gunden’s Crypto Exit
Key Takeaways
- Owen Gunden, known as the ‘Bitcoin King,’ has completely exited his Bitcoin holdings
- His exit triggered a market crash with Bitcoin falling 40% from $124,000 to $86,000
- Institutional Bitcoin investment has risen to 40% despite retail panic
- Gunden’s estimated profit from the sale is approximately $1.3 billion
The cryptocurrency market is facing significant turbulence after Owen Gunden, one of Bitcoin’s earliest and most influential investors, liquidated his entire holdings. The move, described by many as the ‘end of an era,’ has sent shockwaves through the crypto community.
The Bitcoin King’s Exit Strategy
Owen Gunden, who accumulated Bitcoin when it traded for less than a dollar, has completely emptied his legendary wallet. According to Tron Weekly reports, his exit has netted him an estimated $1.3 billion.
Arkham Intelligence data reveals Gunden began quietly offloading Bitcoin in October. On October 21, his wallet executed large transactions to multiple exchanges, signaling imminent sales. His final major transfer involved 2,499 BTC valued at approximately $228 million, sold through Kraken exchange.
Market Impact and Institutional Response
The news triggered immediate market panic. CryptoQuant’s Bull Score Index plummeted to 20, indicating ‘extreme bearish’ sentiment among retail traders who long viewed Gunden as a stabilizing force.
Ironically, this retail fear contrasts sharply with growing institutional interest. Tron Weekly data shows institutional participation has climbed from 27% in Q2 2024 to nearly 40%, creating market confusion as historic whales exit while large financial institutions increase exposure.
Gunden’s Crypto Legacy
FinanceFeeds ranks Gunden as the 8th-richest figure in digital assets with approximately $561 million outside his liquidated BTC. His crypto journey began in Bitcoin’s earliest days, engaging in arbitrage across platforms like Tradehill and the defunct Mt. Gox.
Cointelegraph documentation shows Gunden moved thousands of BTC between exchanges before blockchain analytics existed, building one of the most formidable early portfolios. His strategic silence and calculated movements earned him a ‘crypto wizard’ reputation, with decisions often foreshadowing market shifts.
Analyst Perspectives on the Exit
Speculation about Gunden’s motivations is widespread. While some social media commentators suggest he intended to spark market fear, most analysts disagree, viewing the move as deliberate profit-taking after more than a decade of patience.
Several experts believe Gunden may consider the current Bitcoin cycle nearing its peak. Others speculate he could be reallocating billions into new ventures or emerging technologies. His quiet, measured exit without fanfare reinforces his longstanding approach: the biggest players move silently.
Bitcoin Price Reaction
Bitcoin’s sharp downturn has intensified market anxiety. After briefly touching $124,000 in October, Bitcoin has fallen to approximately $86,000, representing a 40% decline within a month. Gunden’s complete market withdrawal adds fresh uncertainty as investors search for clues about future direction.
