Owen Gunden Dumps $1.3B Bitcoin Stack as Institutions Take the Helm 🚢

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Ah, Mr. Owen Gunden, our erstwhile crypto aristocrat, has decided to liquidate his digital gold. One might say he’s trading in his yacht for a dinghy-though perhaps a dinghy with a Bitcoin-shaped anchor. As the retail investors, those dear souls, scramble to exit the sinking ship, the institutions are waltzing in with their well-polished boots and deep pockets. 💸

On Thursday, he made a rather dramatic transfer of 2,499 BTC (worth a cool $228 million) to the venerable Kraken. A gesture so bold, one could almost hear the blockchain gasping in disbelief. 🦈

Since October 21st, our friend Owen has been conducting a veritable feast of transactions, selling off 11,000 BTC-yes, that’s $1.3 billion-to completely vacate the premises. Arkham, that diligent watchdog of the blockchain, reports the deed is done. A clean sweep, one might say. 🧹

Now, why the sudden departure? Well, the bull market-the once-rosy bull market-is now a jaded old thing, with Bitcoin’s “most bearish” vibes since the invention of the first Bitcoin pizza. CryptoQuant’s Bull Score Index? A paltry 20/100. One might say it’s as bearish as a grumpy bear at a tea party. 🐲

Mr. Gunden, currently the eighth wealthiest crypto luminary (with a net worth of $561 million), built his fortune on early Bitcoin arbitrage. Think of it as crypto’s version of Victorian stockbroking-except with more drama and fewer top hats. 🎩

In his heyday, he traded tens of thousands of BTC on exchanges like Tradehill and the tragically defunct Mt. Gox. A true pioneer, if one ignores the occasional exchange collapse. 🏁

Institutional ETF Ownership Surges

Meanwhile, the grand ball of institutional ownership in Bitcoin ETFs is in full swing. While the little people fret about market cycles, the big players are sipping champagne and buying the venue. 🥂

According to analyst Root, institutional ownership of Bitcoin ETFs hit 40% last week-a leap from the 27% recorded in Q2 2024. That’s like going from a modest garden party to a full-blown gala. 🎉

This figure, however, is a “conservative estimate,” as only institutions managing $100 million+ need to file with the SEC. One imagines the smaller players are playing coy, whispering secrets behind potted palms. 🌿

And yet, despite a $2.8 billion exodus from ETF shareholders this November, the institutions remain steadfast. Perhaps they’re simply better at holding their liquor-or their Bitcoin. 🍸

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2025-11-20 17:15