One of #Bitcoin’s oldest whales has completed his exit after more than fourteen years. According to Arkham data, Owen Ganden, one of the earliest holders of the 2011 era, has transferred the last of his assets, 2,499 bitcoins worth about $230 million, to Kraken. The transfer marks the end of a process that began in late October, during which 11,000 #bitcoins, worth about $1.3 billion, were transferred from his old wallets to the exchange.

Ganden, who at his peak had about 15,000 #bitcoins, had amassed the assets through arbitrage on Mt. Gox and Tradehill, and his wallets had remained untouched for more than a decade. For this reason, the start of the transfers in October caught the attention of analysts. All of the transfers also went directly to Kraken, which is usually used for OTC to make large sales without directly affecting the market.

This output, along with the volatility of #Bitcoin’s price, suggests a “generational shift” in #Bitcoin ownership, where early holders are exiting the market and a new generation of #Bitcoin maximalists, megacorporations, institutions, and governments are continuing to buy.