Owen Gunden, a prominent early Bitcoin investor, has liquidated his entire Bitcoin holdings, totaling 11,000 BTC worth approximately $1.3 billion. The final transfer of 2,499 BTC, valued at $228 million, was made to the Kraken exchange on Thursday, according to blockchain data from Arkham. This move comes as retail investors retreat and institutional ownership of Bitcoin ETFs rises, now accounting for 40% of holdings, up from 27% in mid-2024. Gunden's exit coincides with a downturn in Bitcoin market sentiment, with CryptoQuant's Bull Score Index dropping to an extreme bearish level of 20/100. Despite this, institutional interest in Bitcoin ETFs remains strong, with significant inflows continuing even as retail investors pull back. Gunden, once an active trader on platforms like Mt. Gox, is now ranked as the eighth-richest individual in crypto, with a net worth of $561 million.