[Early Whale Liquidates 11,000 BTC, Institutions Increase Spot Bitcoin ETF Holdings to 40%] On November 21, early on-chain whale Owen Gunden transferred his remaining 2,499 BTC (approximately $228 million) to Kraken, completing a total liquidation of about 11,000 BTC (approximately $1.3 billion) since October 21. Gunden, an early arbitrage trader active on Tradehill and Mt.Gox, has reduced his Bitcoin holdings to zero following this sell-off. Amid weak retail sentiment, the CryptoQuant Bull Market Index has dropped to 20/100, and Bitcoin ETFs saw a net outflow of $2.8 billion in November. However, institutional investors have been increasing their holdings against the trend, with the institutional ownership of U.S. spot Bitcoin ETFs rising from 27% in Q2 2024 to 40%. Analyst Root noted that this figure might be underestimated, as only institutions managing assets exceeding $100 million are required to disclose their holdings. Currently, Bitcoin is priced at approximately $85,823, with the market displaying a divergence between retail panic selling and institutional accumulation.