OG Bitcoin Whale Exits $1.3B Holdings as BTC Drops Below $86K

TLDR:

• Owen Gunden liquidates 11,000 BTC, totaling $1.3B, after 14-year holding period.
• Final 2,499 BTC worth $228M transferred to Kraken, completing the historic sell-off.
• Bitcoin drops below $86K, marking a 32% fall from its October $126K peak.
• BTC 24-hour trading volume exceeds $101B, with a weekly decline of over 12%.

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Bitcoin has fallen below $86,000 as one of its earliest adopters, Owen Gunden, fully exited a $1.3 billion position. Data from Arkham Intelligence shows Gunden sold approximately 11,000 BTC after holding for 14 years. 

The final transfer of 2,499 BTC worth $228 million went through Kraken, completing a sell-off that began in late October. Bitcoin’s price decline now marks a 32% drop from its $126,000 all-time high in early October, according to CoinGecko.

Early Adopter Liquidates Historic Bitcoin Holdings

Blockchain analytics confirm Gunden, a pioneer in Bitcoin arbitrage on platforms like Tradehill and Mt. Gox, began accumulating BTC under $1 in 2011. His holdings turned a modest investment into one of crypto’s largest personal fortunes. 

Before the sale, Gunden was ranked as the eighth-richest crypto holder, with an estimated net worth of $561 million. The sell-off concluded after transferring the final 2,499 BTC to Kraken exchange, valued at $228 million at current market prices.

This liquidation represents one of the largest single exits from an individual Bitcoin wallet in recent history. Gunden’s trading activity was closely tracked due to his early role in in-person Bitcoin deals, profiled in a 2013 New York Times feature. 

Analysts note that such large-scale movements can temporarily influence market liquidity and sentiment. However, Gunden’s exit reflects a personal decision rather than broader market distress.

CoinGecko reports BTC at $85,594 with a 24-hour trading volume exceeding $101 billion. The crypto has declined 6.76% in the last 24 hours and over 12% in the past seven days. 

Source: X

According to market observer Charlie Bilello, the BTC drop to $86K marks roughly 32% decline from its $126,000 peak in early October. This is the largest drawdown since April. 

Despite the drop, he notes that such movements are typical given BTCs historical volatility. The correction reflects normal market fluctuations rather than unusual market stress.

Market Response and Price Trends

Investor attention turned sharply to Bitcoin following the disclosure of Gunden’s sales. The whale’s exit coincides with the largest price retracement since BTC reached $126,000. 

Crypto trading platforms reported elevated activity, particularly on major exchanges handling large transfers. Market participants are tracking shifts in order books and liquidity as price pressure continues.

Some traders suggest the sell-off may signal short-term price correction, while others emphasize Bitcoin’s volatility over sustained periods. Despite the decline, total trading volumes remain high, indicating ongoing institutional and retail engagement. 

Historical trends suggest large holders exiting often precedes consolidation phases. The market’s current behavior aligns with previous post-peak BTC adjustments.

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