币圈有多恐慌？连“初代巨鲸”都跑了，Owen Gunden1个月清仓13亿美元比特币持仓

Core Insights - Owen Gunden, an early Bitcoin holder, has liquidated his entire Bitcoin position, totaling approximately $1.3 billion, during a period of extreme market pessimism [3][5] - In contrast, institutional investors have increased their holdings in U.S. spot Bitcoin ETFs, with their ownership percentage rising from 27% in Q2 2024 to 40% [3][6][8] Group 1: Owen Gunden's Liquidation - Owen Gunden transferred the last 2,499 Bitcoins, valued at $228 million, to the Kraken exchange, completing a sell-off of about 11,000 Bitcoins since October 21 [3][5] - Gunden is recognized as one of the wealthiest early Bitcoin holders, with a net worth of approximately $561 million [4] - The liquidation occurred amidst a highly pessimistic market sentiment, with the CryptoQuant bull market index dropping to 20/100, indicating extreme bearish conditions [3][9] Group 2: Institutional Investor Behavior - Despite retail investors' panic selling, institutional investors have been steadily increasing their positions in Bitcoin ETFs [6][8] - The latest 13-F filings indicate that approximately 1,119 institutions hold investments through U.S. spot Bitcoin ETFs, with a significant rise in their ownership percentage [6][7] - The increase in institutional holdings occurs even as Bitcoin ETFs have experienced an outflow of $2.8 billion in November [8] Group 3: Market Sentiment - The current market sentiment is at its lowest point in the cycle, with growing concerns about the end of the bull market leading to retail investors exiting [9][10] - The divergence in behavior between retail and institutional investors highlights a significant confidence gap among market participants [10]