A dormant Bitcoin whale has moved $8.6 billion worth of BTC for the first time in more than 14 years, igniting widespread debate over the motives behind the transaction.
Blockchain intelligence firm Arkham reported that eight transfers were executed on Thursday, each moving 10,000 Bitcoin originally deposited into legacy wallets in 2011.
“There are no indications that this whale is selling Bitcoin,” Arkham stated in a Friday post on X, suggesting the move likely reflects a wallet upgrade to improve security and reduce transaction fees rather than preparations to liquidate holdings.
While the funds have been relocated to new wallets, they have not been moved further since the initial transfer.
Possible Address Upgrade or ETF Demand?
Arkham added that the transfers were “possibly related to address upgrades,” with the Bitcoin shifting from older 1-address formats to modern bc1q-addresses associated with SegWit, a protocol upgrade that lowers fees and boosts security.
The firm confirmed that all coins had been sitting untouched since April or May of 2011.
Still, not everyone is convinced the transfers are purely operational. Blockchain analytics firm 10x Research noted in its own commentary that while there is no direct evidence of imminent selling, historic trends suggest that early holders have gradually offloaded Bitcoin into the hands of institutions, including ETFs and corporate treasuries.
The sheer scale of the movement has prompted many in the market to keep a close watch for any subsequent transactions.
Fears of Hack as Industry Veterans React
The unusual transaction has inspired a mix of curiosity, concern, and humor across the crypto community.
Coinbase head of product Conor Grogan raised the possibility—though he admitted it was speculative—that the funds could have been moved as a result of a compromise.
“If true (again, I’m speculating on straws here), this would be by far the largest heist in human history,” Grogan said on X.
Meanwhile, Binance founder Changpeng “CZ” Zhao weighed in with a tongue-in-cheek lament that he “got into crypto too late,” referencing the era when Bitcoin could be acquired for mere cents.
The transfer also follows recent disclosures from prominent Bitcoin advocate PlanB, who announced in February that he converted his entire BTC holdings into spot ETFs to avoid managing private keys, signaling a broader trend of early adopters diversifying their storage strategies.
Quick Facts
- A long-dormant whale moved $8.6 billion in Bitcoin last week without any evidence of selling.
- Analysts believe the transfer may be linked to wallet upgrades from legacy addresses to SegWit.
- Some speculate the move could be a security incident, though no confirmation exists.
