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I just saw that Owen Gunden, one of the oldest Bitcoin holders, completely liquidated his 11,000 BTC a few months ago. The transfer was quite notable, moving nearly 2,500 BTC to an exchange last November. We're talking about over 1.3 billion in value.
What’s interesting is that this coincides with something I’ve been observing in the market: spot Bitcoin ETFs in the United States are growing quite a bit, while retail traders’ participation seems to be decreasing. It’s as if institutional money is entering through one door while some of the historic holders are leaving through the other.
Owen Gunden’s exit raises some questions about what the market is really thinking right now. Is it institutional optimism, or have some veterans simply decided to take profits after years? The data suggest a significant shift in who is now controlling Bitcoin.