Onchain analytics firm Arkham Intelligence reported that early Bitcoin adopter Owen Gunden has moved roughly $230 million in Bitcoin to Kraken, marking the final transfer in his monthlong selloff. The move formally concludes the 14-year holdings of one of Bitcoin's earliest known whales.
The Selloff: From Dormant to Active
Gunden’s liquidation began in late October 2025, when onchain trackers first spotted a series of large transfers from wallets that had been untouched for over a decade. Over the entire process, more than 11,000 BTC were moved to exchange addresses. According to Arkham, the broader sequence amounted to approximately $1.3 billion worth of Bitcoin. The final transfer — 2,499 BTC worth about $230 million — was sent to Kraken, confirming that the early adopter is now fully out of the asset he held for more than 14 years.
Gunden accumulated his Bitcoin through arbitrage activity on Mt. Gox and Tradehill during the 2011 era. At his peak, he amassed around 15,000 BTC. His wallets remained mostly idle for over a decade, which is why the sudden activity in October drew swift coverage from analytics firms like Arkham, Lookonchain, and Onchain Lens.
Strategy: Staged Sales via Kraken OTC
All transfers landed at Kraken, signaling organized selling rather than simple reshuffling. Kraken is a common venue for institutional-sized offloading due to its over-the-counter (OTC) services, which reduce slippage on major disposals. Gunden’s transfers followed that pattern: batched movements spread over multiple days, aligning with market periods when Bitcoin was trading between $90,000 and $110,000. The approach likely aimed to minimize immediate price impact while still capturing gains after October’s all-time-high above $126,000.
Community chatter on X ranged from mild alarm to philosophical musings about a “generational handoff” as long-term whales exit and institutional funds continue accumulating. With Gunden remaining publicly silent — his @bitbitrage X account has been inactive since 2018 — the onchain data is the only record of his decision-making.
For analysts, the move represents one of the most significant realized-profit events ever attributed to an individual Bitcoin-era holder. More than a decade of dormant accumulation has now officially concluded, punctuated by one last nine-figure transfer.
FAQ
- Why did Owen Gunden send his last BTC to Kraken? It is believed he used Kraken for structured selling via OTC, a common choice for large transactions.
- How much Bitcoin has Gunden sold in total? Onchain data shows more than 11,000 BTC were moved to exchanges since late October.
- When was the final transfer completed? The last 2,499 BTC hit Kraken around Nov. 20, 2025, completing his exit.
- Why did this movement gain global attention? Analysts flagged it as a rare full liquidation by a decade-long Bitcoin OG with billion-dollar holdings.