Bitcoin’s Earliest Billionaire Empties Entire Portfolio After Market Crash

Bitcoin whale Owen Gunden has sold his entire holdings.

Gunden's recent moves align with a broader wave of retail selling.

The eighth-richest crypto holder in the world has unloaded roughly $1.3 billion worth of BTC over the past month as retail sentiment plunges, Arjun Parashar reported for TheStreet.

Blockchain data from Arkham shows the wallet attributed to Gunden transferred his final 2,499 BTC, worth $228 million, to Kraken.

The move completes a full liquidation of 11,000 BTC since Oct. 21. Gunden’s exit comes as Bitcoin trades under heavy pressure, with market conditions deteriorating.

Tony Severino, a chartered market technician and Bitcoin trader, described the crash as the “dangerously bearish” turning point of the current cycle, with quarterly patterns signaling a potential multi-month bear market.

Gunden built his wealth as an early Bitcoin arbitrage trader on Tradehill and the now-defunct Mt. Gox, where he reportedly handled tens of thousands of BTC before the exchange collapsed in 2014.

His recent moves align with a broader wave of retail selling, amplified by fears that the latest bull cycle may be nearing exhaustion.