Key Highlights
- Owen Gunden, an early Bitcoin whale, has sold his entire portfolio worth $1.3 billion.
- The selling was not a single dump, weeks-long process starting in late October, with the final move of $230 million transfer of Bitcoin to Kraken.
- The complete exit of this long-term holder marks the end of an era for one of the most prominent early-era Bitcoin wallets.
Owen Gunden, an “OG” Bitcoin whale who had held 11,000 Bitcoins (BTC) since 2011, has emptied his entire wallet, worth $1.3 billion, and now holds a near-zero balance. This behavior opens up the possibility of a sell-off phase that has drawn attention from on-chain analysts and market observers over the past month.
According to Arkham Intelligence, the wallet associated with Owen Gunden has been active for weeks, and the final movement of funds occurred recently when Gunden transferred approximately $230 million worth of BTC to the Kraken exchange. This specific transaction served as the capstone to a weeks-long selling spree.
Gunden’s recent selling spree
Owen Gunden made multiple large transfers to the Kraken exchange before the final sale, which is a typical step before a fiat conversion. Notable movements included over half of his holdings, valued at approximately $290 million in mid-November. Within a month, he reportedly sold 6,100 BTC, worth $616 million. This succession of large, high-value deposits into a Kraken seemingly confirmed Gunden’s intention to divest from his long-held Bitcoin position.
Owen Gunden’s on-chain history suggests involvement with Bitcoin, which dates back to 2011, a time when BTC was trading for a fraction of its current value. Holding a huge amount of Bitcoin for over 14 years places Gunden among a rare tier of investors who maintained conviction through multiple market cycles, crashes, and all-time highs before deciding to cash out in late 2025.
The latest incident did not occur as a single market dump but seemed to be a gradual divestment. Large holders typically transfer funds onto exchanges in tranches to avoid price slippage and reduce immediate volatility within the wider market. The fact that funds were transferred to Kraken suggests this was a spot market sale, where the assets were likely sold into either fiat currency or stablecoins.
The sell-off began in earnest in late October. Since then, on-chain explorers have tracked the movement of approximately 11,000 BTC out of Gunden’s control. At current market valuations, this cumulative sell-pressure amounted to roughly $1.3 billion. Today, the final tranche of 2,499 BTC was sent to a Kraken hot wallet, officially clearing the books for this entity.
With the wallet balance now reading $0.53, it is not yet clear what Gunden plans to do with the realized capital. Currently, there is no on-chain evidence to suggest any rotation into other digital assets or a strategy to re-enter the market. For the time being, the capital seems to have been moved totally off-chain or into traditional banking systems, leaving the community to speculate whether this represents a permanent exit or temporary strategic withdrawal.
Owen Gunden has fully sold his portfolio, shifting supply from an old holder to new market players. The market absorbed its sales over the course of the month, despite the $1.3 billion shift being fairly significant. This concludes the life of one of the more prominent wallets from the early era and illustrates the natural flow of money within the cryptocurrency ecosystem.
Also Read: Hyperliquid Whale Nets $24M on Bitcoin Short, Gains $9M in Funding
