One of the ecosystem’s oldest whales has executed the total sale of $1.3 billion in Bitcoin, shaking the foundations of the current market. According to data revealed by the intelligence firm Arkham, investor Owen Gunden transferred his last holdings to Kraken, closing a historic position of 11,000 BTC that he began building in 2011.
On-chain records indicate Gunden has been moving his digital fortune progressively since late October, culminating in a recent transfer of $344 million. Although it is impossible to trace the coins’ final fate once they enter the exchange, Arkham suggests this maneuver represents a total liquidation of his assets. Gunden, known for being an arbitrage pioneer, has kept a low profile despite being previously considered the world’s third-richest crypto billionaire.
This massive movement occurs in a context of high volatility, where Bitcoin’s price has retraced 31% from its all-time high of $126,080 reached a month ago. Currently trading around $86,466, the industry questions if the crypto market is about to enter a prolonged bearish phase due to these institutional sales. Gunden’s fortune has fluctuated drastically over the years, demonstrating the cyclical and volatile nature of the high-risk digital economy.
Are price projections losing optimism in the face of the sale?
On the other hand, the exit of major players coincides with a downward revision of expectations by renowned global financial analysts. Cathie Wood of Ark Invest has adjusted her price target, reducing it from $1.5 million to $1.2 million, citing the increase in stablecoin adoption. Likewise, the firm Galaxy Digital cut its year-end target from $185,000 to $120,000, arguing that current volatility is too low to reach previous goals.
Gunden’s complete liquidation marks a significant psychological milestone, as it represents the capitulation of a “diamond hand” that withstood multiple cycles for over a decade. While the market digests this massive supply, attention now focuses on whether other veteran investors will follow this example or if institutions will take advantage of low prices. Finally, the behavior of these historical whales will serve as a compass to determine future direction, challenging traditional bullish narratives.
