An early Bitcoin (CRYPTO: BTC) investor sold off their entire position on Thursday, amid what has been one of the steepest declines of the apex crypto in recent memory.
Bitcoin ‘OG’ Exits
Owen Gunden, who has been HODLing since 2011, transferred $230 million worth of Bitcoin to cryptocurrency exchange Kraken, according to Blockchain analytics firm Arkham.
Gunden has been on a selling spree since late October, offloading 11,000 BTC, worth a whopping $1.3 billion. The latest transfer marked his final sale.
Legendary Move Or…?
Despite walking away with a billion-dollar windfall, some X users suspected Guden’s move.
“Just feels like a strikingly odd move for an investor to hold something for 14 years and then go from 100% -> 0% holding, ” a user, operating under the pseudonym DGMD.6529, said. “Do you think these people know something we don’t?”
The optimists saw it as a market bottom signal.
See Also: Peter Schiff Says Michael Saylor-Led Strategy ‘Would Have Been Better Off’ Buying Anything Other Than Bitcoin’
Rotation From Whales To Retail?
Guden’s exit was the latest instance of long-term “OG” holders offloading their BTC to retail traders and institutions.
Wallets holding 10–10,000 BTC dumped 77,120 BTC last week, around 0.44% of supply, accelerating the selloff.
A prominent market commentator stated earlier that this type of distribution typically occurs near the late stages of bull cycles, as veteran holders take profits and new entrants absorb supply.
Price Action: At the time of writing, BTC was exchanging hands at $82,937, down 9.62% in the last 24 hours, according to data from Benzinga Pro.
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