Bitcoin OG Sells Another 650 BTC After Offloading $1.12B — What It Means

• Bitcoin early adopter Owen Gunden sent 650 BTC to Kraken, capping a $1.16B sell-off.
• After the latest transfer, Gunden’s 263 tracked wallets now hold under $1 in BTC.
• His steady sell strategy, moving BTC to Kraken in batches, helped limit market impact while cashing out big.

Bitcoin early adopter Owen Gunden has sent another 650 BTC, worth approximately $46.3 million, to Kraken, just hours after appearing to complete a $1.12 billion exit.

On-chain data from Arkham Intelligence that after this transfer on March 19, all 263 of his tracked wallets now hold almost no Bitcoin (less than $1 total).

The Latest Transfer

The move followed the same pattern Gunden has used throughout his exit. Blockchain records show 650 BTC was first consolidated from multiple wallet addresses, including one labeled bc1qqwuw93f5ggh48qdp640wzvs, with at least four additional inputs, into his Kraken deposit wallet. 

Within the hour, those funds moved to Kraken’s hot wallet, the exchange’s operational address used for active trading. Moving Bitcoin to an exchange’s trading wallet usually means the owner plans to sell or trade it. This suggests Gunden is continuing to cash out his Bitcoin holdings.

Five-Month Exit, By the Numbers

Notably, Gunden didn’t sell his Bitcoin all at once. Starting around October 21, he gradually moved it to the Kraken in several large steps.

First, he transferred 3,265 BTC ($364.5 million). Then he sent 1,289 BTC ($138.2 million), followed by two more large transfers of 3,600 BTC ($372 million) and 3,549 BTC ($361.84 million). Each time, part of the Bitcoin went straight to Kraken, while the rest passed through other wallets first.

Last week, he moved 2,401 BTC ($244.96 million), then 2,499 BTC ($227.94 million), likely completing most of his sales. A final transfer of 650 BTC brought his total to over 11,650 BTC, worth more than $1.16 billion at the time of each move.

Instead of selling everything in one go, he combined Bitcoin from different wallets and sold it in smaller batches over time. This helped avoid sudden price drops and reduced the impact on the market.

Who Is Owen Gunden?

Owen Gunden is labeled by Arkham Intelligence as an individual, a Bitcoin miner, and a Genesis creditor. Genesis creditors got involved in Bitcoin in the earliest days, mining or acquiring BTC when it was worth almost nothing. 

Because early miners got Bitcoin at nearly zero cost, almost all of their sales are pure profit. Gunden sold over $1.16 billion worth of Bitcoin over five months, mostly through Kraken, contributing to market selling pressure. 

However, he’s not alone. Another early Bitcoin holder, known as BitcoinOG(1011short), also sold about 13,000 BTC ($1.48B) across exchanges like Kraken, Binance, Coinbase, and Hyperliquid.

Liquidation Pressure and Market Context

Bitcoin is currently trading around $70,300, down from over $76,000 earlier this week. In the past 24 hours, about 158,000 traders were liquidated, with total losses reaching roughly $588 million. The largest single liquidation was around $18 million. The premier crypto would need to move clearly above the $76,000 range to have a chance of reaching $80,000.