Onchain data providers say one of bitcoin’s earliest known whales has officially wrapped up his exit. Arkham Intelligence reported Thursday that Owen Gunden, a long-time holder who accumulated bitcoin during the 2011 era, sent his remaining 2,499 BTC to Kraken — a transfer valued at roughly $230 million.

Gunden’s liquidation has been unfolding since late October, when trackers first spotted a series of large transfers leaving his decade-old wallets. In total, reports have shown that more than 11,000 BTC moved to exchange addresses during the month-long process, with Arkham estimating the broader sequence amounted to roughly $1.3 billion worth of bitcoin.

The final transfer effectively confirms he is now fully out of the asset he held for more than 14 years. The early adopter reportedly built his position through arbitrage activity on Mt Gox and Tradehill, eventually amassing about 15,000 BTC at his peak. His wallets remained mostly untouched for more than a decade, which is why the sudden activity in October drew swift coverage from analytics firms like Arkham, Lookonchain, and Onchain Lens.

The transfers have consistently landed at Kraken, signaling organized selling rather than simple reshuffling. Kraken is a common venue for institutional-sized offloading due to its over-the-counter (OTC) services, which reduce slippage on major disposals. Gunden’s transfers followed that pattern: batched movements spread over multiple days, aligning with market periods when bitcoin was trading between $90,000 and $110,000.

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The approach likely aimed to minimize immediate price impact while still capturing gains after October’s all-time-high above $126,000. Community chatter on X ranged from mild alarm to philosophical musings about a “generational handoff” as long-term whales exit and institutional funds continue accumulating. With Gunden remaining publicly silent — his @bitbitrage X account has been inactive since 2018 — the onchain data is the only record of his decision-making.

For analysts, the move is one of the most significant realized-profit events ever attributed to an individual bitcoin-era holder. More than a decade of dormant accumulation has now officially concluded, punctuated by one last nine-figure transfer.

• Why did Owen Gunden send his last BTC to Kraken?
  It is believed he used Kraken as the destination for structured selling, a common choice for large OTC transactions.
• How much bitcoin has Gunden sold in total?
  Onchain data shows more than 11,000 BTC were moved to exchanges since late October.
• When was the final transfer completed?
  The last 2,499 BTC hit Kraken around Nov. 20, 2025, completing his exit.
• Why did this movement gain global attention?
  Analysts flagged it as a rare full liquidation by a decade-long bitcoin OG with billion-dollar holdings.

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