Blockchain analytics firm Arkham Intelligence reported on Thursday that Owen Gunden, one of Bitcoin's earliest known whales, has finalized his exit by moving roughly $230 million worth of Bitcoin to the Kraken exchange. The transfer marks the conclusion of a month-long selloff that began in late October 2025, during which more than 11,000 BTC—valued at approximately $1.3 billion—were liquidated.
Background and Accumulation
Gunden first accumulated Bitcoin through arbitrage activities on the now-defunct exchanges Mt. Gox and Tradehill, amassing a peak position of around 15,000 BTC. His wallets remained largely dormant for over a decade, only showing signs of activity in October 2025. The sudden transfers quickly drew attention from onchain tracking services like Arkham, Lookonchain, and Onchain Lens.
Execution and Market Strategy
All selloffs were routed to Kraken, a platform known for its robust over-the-counter (OTC) services that minimize slippage on large transactions. The transfers were split into batches spread across multiple days, aligning with periods when Bitcoin traded between $90,000 and $110,000. This approach aimed to capture gains following Bitcoin's all-time high above $126,000 in October while reducing market impact.
The final transfer of 2,499 BTC, valued at about $230 million, was processed around November 20, 2025. This effectively confirms that Gunden has fully exited his position after holding the asset for more than 14 years.
Community and Analyst Reactions
The event sparked widespread discussion across crypto forums and social media, with some observers labeling it a “generational handoff” as old-guard whales exit and institutional investors accumulate. Gunden, who maintains a silent public presence (his X handle @bitbitrage has been inactive since 2018), left only onchain records as evidence of his strategy. Analysts at Arkham noted that this represents one of the largest realizable profit-taking events ever attributed to a single individual from the early Bitcoin era.
FAQ
- Why did Gunden send his final BTC to Kraken? The exchange’s OTC desk likely facilitated structured selling of large volumes without significant price disruption.
- How much Bitcoin did Gunden sell in total? Onchain data confirms over 11,000 BTC were moved to exchanges since late October.
- When was the final transfer completed? The last 2,499 BTC hit Kraken around November 20, 2025.
- Why did this movement attract global attention? It is rare to see a decade-old whale completely liquidate billion-dollar holdings, providing insight into early adopter behavior.