Owen Gunden, a notable early Bitcoin holder, has completely sold off his Bitcoin investments worth $1.3 billion as retail investors express panic over market conditions. Meanwhile, institutional ownership of Bitcoin ETFs has risen to 40% despite the prevailing fears in the market.

Gunden’s final transfer involved 2,499 Bitcoin valued at approximately $228 million to Kraken, finalized Thursday. Over the span of time, he has liquidated 11,000 Bitcoin, as reported by Arkham, effectively emptying his Bitcoin holdings.

Concerns around the current bull market’s sustainability are rising, with reports highlighting a drop in the CryptoQuant’s Bull Score Index to extreme bearish levels.

Owen Gunden’s wallet balance graph, illustrating Bitcoin transactions. Source: Arkham

Related: BlackRock sees a record $523M outflow from Bitcoin ETFs

As the eighth richest individual in crypto, Gunden’s net worth is estimated at $561 million, as per Arkham’s leaderboard of top crypto millionaires.

Having made his mark as an early arbitrage trader during the Bitcoin boom, Gunden’s activities have become a focal point amid increasing institutional engagement in Bitcoin, signaling a shift in the landscape.

In contrast, institutional ownership of Bitcoin ETFs is now at 40%, according to recent reports, seeing a healthy uptick from previous quarters. This leads to a clear trend of institutions maintaining their ETF investments even amid chaotic market conditions, which have resulted in substantial outflows exceeding $2.8 billion this November.

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