Legendary Bitcoin Whale Dumps $1.3 Billion in BTC, Igniting Bear Market Fears

On-chain data reveals a seismic event in the cryptocurrency world: a legendary Bitcoin whale, active since 2011, has reportedly liquidated their entire holding of 11,000 BTC, valued at a staggering $1.3 billion. This massive sell-off coincides with Bitcoin’s sharp decline of over 30% from its all-time high, triggering widespread panic about an impending bear market and prompting industry experts to revise their BTC price targets downwards.

The Owen Gunden Saga: A Decade of Bitcoin Hodling Ends

According to tracking by Arkham Intelligence, wallets linked to Owen Gunden, an early Bitcoin arbitrage trader, have shown significant fund movements after years of relative dormancy. Gunden first acquired Bitcoin in 2011 and was once recognized as one of the top three cryptocurrency billionaires globally. While he made occasional asset transfers over the years, the past month has seen a dramatic increase in activity, including the transfer of over $344 million worth of Bitcoin to the centralized exchange Kraken.

Arkham Intelligence speculates that this series of large-scale transfers strongly indicates Gunden has “fully divested” his long-held 11,000 BTC. However, the inherent limitations of blockchain tracking mean that once funds enter a centralized exchange, their ultimate fate becomes opaque. While market sentiment leans towards this being a definitive “profit-taking” event, other possibilities exist, such as Gunden moving funds to Kraken for secure custody or to leverage the platform’s staking features for passive income.

OWEN GUNDEN HAS NOW SOLD ALL OF HIS $1.3 BILLION BITCOIN

Owen Gunden was an OG Bitcoin whale who held BTC since 2011. Since late October he has sold 11K BTC worth $1.3 billion.

He has just transferred $230M of BTC to Kraken, marking his final sale. pic.twitter.com/m0gQWCHrxZ

— Arkham (@arkham) November 20, 2025

Arkham estimates that Gunden’s total cash-out, starting from the end of October, amounts to a staggering $1.3 billion. Despite his notoriously private online presence, Gunden’s early and substantial bet on Bitcoin has cemented his status as a legendary figure within the crypto community.

A Rollercoaster Ride: 14 Years in Crypto

Owen Gunden’s 14-year journey as a Bitcoin holder mirrors the volatile history of cryptocurrency itself. His net worth experienced dramatic swings in tandem with the market’s bull and bear cycles:

• 2021 Bull Market: His holdings soared to a peak value of $936 million.
• 2022 Bear Market: His assets significantly contracted to $209 million.

As recently as July 10th of this year, when Bitcoin was priced at $115,000, Arkham-tracked wallets indicated Gunden’s holdings were worth approximately $1.4 billion. At that time, he was ranked as the world’s 3rd wealthiest cryptocurrency holder, surpassed only by Bitcoin’s enigmatic creator, Satoshi Nakamoto, and Tron founder Justin Sun.

Market Turbulence: Bitcoin’s Retreat and Institutional Revisions

This major whale sell-off unfolds against a backdrop of Bitcoin price weakness. According to CoinGecko data, Bitcoin has plummeted 33.5% from its all-time high of $126,080, recorded just over a month ago, now trading around $84,520. This severe correction has ignited concerns across the industry, with many questioning whether the cryptocurrency market is on the cusp of entering a protracted bear phase.

In response to these market headwinds, leading institutions are recalibrating their forecasts:

• Ark Invest: Cathie Wood, often dubbed “the queen of stocks,” has recently adjusted Ark Invest’s Bitcoin price target from an ambitious $1.5 million down to $1.2 million. Her revised outlook is partly based on the belief that the increasing adoption of stablecoins could diminish Bitcoin’s essential role as a payment mechanism.
• Galaxy Digital: This institutional-grade cryptocurrency financial services firm has also significantly slashed its year-end Bitcoin price target, moving it from $185,000 to $120,000. Their rationale points to the current low market volatility and insufficient momentum to propel Bitcoin back to its previous highs.