Legacy Wallets Move After 14 Years—Blockchain Experts Weigh In
A mysterious $8.6 billion Bitcoin transfer has sent shockwaves through the crypto world, as eight dormant wallets—each holding 10,000 BTC—moved their funds for the first time in over 14 years. Despite the massive scale, blockchain intelligence firm Arkham reports no signs of a sell-off, easing fears of downward market pressure.
According to Arkham, the transfer appears to be a wallet upgrade, possibly from old “1” legacy addresses to modern Native SegWit (bc1q) addresses, which offer improved security and lower transaction fees. In a statement on X, the firm said, “There are no indications that this whale is selling Bitcoin.”
Bitcoin Origins Trace Back to 2011
Arkham confirmed that the original Bitcoin deposits were made in April and May 2011, a time when Bitcoin traded for under $1. The movement of these coins—untouched for over a decade—has reignited speculation about the identity and intent of the owner. All 80,000 BTC have been transferred to eight new wallets, where they remain idle.
Analysts Suggest ETFs and Treasuries Are the New Buyer Base
While there is no evidence of immediate liquidation, some analysts believe early adopters are slowly offloading Bitcoin holdings into ETF demand or corporate treasuries. Research firm 10x Research suggested this could be part of a longer-term trend, as institutional appetite grows with the rise of spot Bitcoin ETFs.
Security or Heist? Coinbase Exec Hints at Possibility of Hack
Adding to the speculation, Coinbase’s head of product, Conor Grogan, mentioned a remote possibility that the transfer was the result of a hack. While he emphasized this is pure speculation, Grogan noted, “If true, it would be the largest heist in human history.”
CZ, PlanB React to Whale Movement
Crypto personalities also chimed in. Former Binance CEO Changpeng “CZ” Zhao commented humorously, “I got into crypto too late,” reflecting on the whales who acquired Bitcoin at mere cents. Meanwhile, analyst PlanB revealed earlier this year that he moved all his BTC into spot ETFs, citing simplicity and peace of mind.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss