Gunden closes his position of 1.3 billion: While whales abandon Bitcoin, institutions accumulate ETFs in extreme bearishness

Amid one of the most severe market sentiment drops in 2025, Owen Gunden—one of the earliest and most influential Bitcoin accumulators—has completed the full liquidation of his holdings, selling 11,000 BTC valued at approximately $1.3 billion since late October. The move reflects a clear divergence in the current cycle: while large OG holders reduce exposure during retail capitulation, institutional investors are consolidating their historic control of the Bitcoin spot market.

From Whale to Full liquidation: The End of an Era

Arkham Intelligence data reveals that Gunden recently completed his exit from the market, transferring his final batch of 2,499 BTC (approximately $228 million) to a trading platform for realization. This operation closes a chapter of over a decade in which the trader positioned himself as a central figure during Bitcoin’s early years.

Gunden built his fortune operating in pioneering markets between 2011 and 2014, engaging in high-volume arbitrage when Bitcoin was still a marginal cryptocurrency. His accumulated wealth placed him among the richest individuals in the crypto ecosystem, with a net estimate of $561 million even before fully liquidating his stack.

The timing of this exit coincides precisely with one of the most bearish moments of the cycle:

• 11,000 BTC total sold since October
• Total realized value: ~$1.3 billion
• Wallet completely emptied after the final transfer

The Bull Indicator Bottoms Out: Extreme Panic in 2025

Gunden’s liquidation does not happen in isolation. According to CryptoQuant’s Bull Score Index, market sentiment has reached unprecedented levels of extreme negativity in this cycle:

Panic metrics:

• Score dropped to 20/100 (classified as “extremely bearish”)
• Lowest level in the entire 2025 structure
• Bitcoin trading at $87.42K, over 30% below its $126,000 highs

This sentiment collapse reflects:

• Accelerated retail capitulation
• Massive short positions
• ETF fund outflows worth billions
• Reduced exposure among large holders

Market Paradox: Institutions Accumulate While Retail Flee

While whales like Gunden close positions and panic permeates retail trading, a quiet but structural movement is occurring in the institutional layer. According to ownership pattern analyses in US Bitcoin ETFs:

Record institutional concentration:

• 40% of ownership held by institutions (last Wednesday)
• Significant increase from 27% in Q2 2024
• Based on 13-F filings of companies with >$100M in assets under management

Most notably: this figure is conservative. Only large institutions with more than $100 million in AUM are required to report. Many mid-sized institutional investors operate without public reports, suggesting that the actual penetration of professional capital could be considerably higher.

The contrast:

• $2.8 billion in Bitcoin ETF outflows during November (according to Farside data)
• Still, institutions maintain and expand their positions
• Significant reduction in the risk of systematic “forced sales” by large funds

What This Transition Means

The Bitcoin ecosystem is undergoing a profound structural reconfiguration. Gunden’s full liquidation—an early adopter who accumulated over years—symbolizes the end of an era where individuals dominated the market.

What emerges is a market increasingly dominated by professional capital: pension funds, asset managers, institutional investment vehicles. As retail sentiment collapses and old whales withdraw, these actors seem to be building positions at depressed prices.

The question for the market: Is this the maximum fear point before institutional capital reactivates bullish cycles? Or does panic still have room to fall to lower levels? What is clear: Bitcoin is no longer a game for early adopters. It is now the playing field of professional capital.

#BTC #ETF #Bitcoin