Owen Gunden, considered the king of Bitcoin, has suddenly taken a step which the entire crypto world is struggling to understand today. Imagine, a person who had bought Bitcoin when its price was less than $1, today sold all his Bitcoins and left the market with about $1.3 billion. The report of Tron Weekly states that he sold about 11,000 bitcoins. In the world of Bitcoin, this is not a small step, but is being considered as a change of an era.
For more than a decade, Owen proved himself to be a magician of the crypto world with his secret moves, calm nature and amazing understanding. But by October, he quietly started reducing his holdings. According to Arkham Intelligence, around October 21, they sent large amounts of Bitcoin to different exchanges, and this usually happens when someone is preparing to sell their holdings. His last major transfer was 2,499 Bitcoins, worth approximately $228 million. It was sold on Kraken exchange. And now his wallet is said to be completely empty.
Market became very bearish
After this step of Owen, CryptoQuant’s Bull Score Index also fell to 20. This is called extreme bearish in market language, which means fear and uncertainty has increased among investors. But the surprising thing is that at this time big institutional investors are investing their money in Bitcoin even more rapidly. According to Tron Weekly, while institutional participation was 27 percent in the second quarter of 2024, it has now increased to about 40 percent. That is, when big players are coming in, old veterans like Owen are leaving. This paradox is making the market even more interesting and complicated.
Who is Owen Gunden?
FinanceFeeds report lists Owen as the eighth richest person in the crypto world, with a net worth of around $561 million. In the early days he played at Tradehill and the now defunct Mt. Used to earn money by doing arbitrage trading on platforms like Gox. According to Cointelegraph, thousands of BTC moved between exchanges in the early days of Bitcoin. When the world did not even understand what Bitcoin was, they had already built a strong on-chain portfolio.
Why did Owen Gunden sell all his bitcoins?
Some people are saying that Owen did this to spread fear in the market? But it is not so at all. Most analysts believe that this is a well-thought-out profit booking step. They may feel that the current Bitcoin cycle is very close to its peak, or they may want to invest their billions of dollars in a new project or new technology. Whatever may be the truth, he definitely taught the world that big players come quietly and also leave quietly.
Bitcoin had achieved a level near 1 lakh 24 thousand dollars in October. But now its price is around $86,000. A huge decline of 40 percent has been seen in just about a month. In such a situation, Owen’s exit is creating many questions and doubts in the minds of investors.
