A long-time Bitcoin whale who began accumulating BTC in the earliest days of the cryptocurrency market has reportedly moved — and possibly sold — his entire Bitcoin fortune worth around $1.3 billion, according to detailed on-chain analysis. The individual, identified by Arkham Intelligence as Owen Gunden, first entered the Bitcoin ecosystem back in 2011, making him one of the earliest high-value participants in the industry. His latest wallet activity suggests the end of a remarkable 14-year chapter, during which his holdings rose and fell in line with the volatile crypto market.
Gunden, known among early crypto traders but rarely active online, is believed to have built his position through arbitrage trading during Bitcoin’s infancy — a time when price differences between global exchanges presented massive profit opportunities. Over the years, his BTC fortune grew into one of the largest known individual holdings, reportedly placing him among the three richest Bitcoin holders in the world. Only Satoshi Nakamoto, the pseudonymous creator of Bitcoin, and entrepreneur Justin Sun were believed to hold more.
According to Arkham’s tracking, Gunden began moving large portions of his holdings throughout the past month, accelerating activity significantly compared to prior years. On-chain data shows multiple massive transfers from wallets long attributed to him, including several transactions worth hundreds of millions of dollars each. One of the most notable recent transfers involved over $344 million being sent to the centralized exchange Kraken. Other large deposits followed, pointing to a pattern rather than an isolated movement.
Arkham Intelligence now believes these activity spikes indicate that Gunden has effectively liquidated his entire 11,000 BTC stash, which, based on market prices during the transfer window, would have yielded around $1.3 billion. However, although the coins were sent to Kraken, the platform’s centralized structure makes it impossible to verify what happened to the assets once they arrived there. They could have been immediately sold on the open market, converted into other assets, deposited into custody, or even staked to earn yield under Kraken’s services. Despite the ambiguity, Arkham’s assessment aligns closely with the timing and size of the transactions, reinforcing the likelihood that Gunden may have exited his Bitcoin position.
This development comes after a long history of fluctuating valuations for Gunden’s holdings. At the height of the 2021 bull market, his BTC fortune surged to nearly $936 million, before dropping dramatically during the 2022 bear market to approximately $209 million. His holdings rebounded once more in 2024 and early 2025, when Bitcoin’s price climb pushed his wallet valuation to around $1.4 billion. At that point, with Bitcoin reaching an all-time high of $126,080, he briefly ranked as the third-richest Bitcoin holder tracked by Arkham.
But the recent transfer spree marked a sharp shift. By November 12, after moving thousands of BTC to Kraken, his on-chain valuation plunged to around $561 million, reflecting not only the outflows but also Bitcoin’s market correction. Bitcoin has fallen about 31% from its record peak, now trading near $86,466, a pullback that has raised concerns across the industry about whether the crypto market may be entering a new bearish phase.
This price downturn has also prompted major institutions and analysts to revise their outlooks. Ark Invest’s Cathie Wood, once known for one of the most aggressive Bitcoin price predictions, reduced her long-term target for BTC from $1.5 million to $1.2 million, citing shifting market conditions and rising stablecoin usage, which reduces reliance on Bitcoin as a payment mechanism. Meanwhile, institutional crypto firm Galaxy has cut its end-of-year projection from $185,000 to $120,000, pointing to decreased volatility and a slowdown in trading momentum as key reasons for the adjustment.
The timing of Gunden’s alleged sell-off has led to speculation about whether major long-term holders are choosing to exit the market at its peak, or whether the movements signal a broader change in the behavior of early Bitcoin whales. Some analysts argue that such large transfers often occur during strategic rebalancing or wealth-management events, rather than as panic-driven exits. Others suggest that when long-term wallets begin unloading accumulated BTC, it may indicate concerns about future market direction or a desire to lock in historic gains.
What makes this moment particularly notable is the symbolic weight it carries. A figure who held Bitcoin through more than a decade of turbulence — from early skepticism, to global adoption, to dramatic price cycles — appears to have taken profits after holding one of the most resilient and profitable long-term crypto positions ever recorded. His movements also underscore the impact that early whales still have on market liquidity and sentiment, even as Bitcoin transitions into a more institutionalized asset class.
Market observers will continue monitoring the wallet addresses linked to Gunden to determine whether additional movements occur or whether the balances remain empty, confirming a full exit. For now, his recent activity stands as one of the most significant Bitcoin whale events of the year — a dramatic close to a 14-year financial journey that started long before Bitcoin became a mainstream investment.
