Blockchain intelligence firm Arkham has clarified that the recent $8.6 billion worth of Bitcoin moved on Thursday, for the first time in over 14 years, is unlikely heading toward a sell-off. In an X post on Friday, Arkham stated , “There are no indications that this whale is selling Bitcoin,” providing reassurance to market participants closely watching the transaction. The transfer involved 10,000 Bitcoin at a time from eight wallets that had remained untouched since 2011, sparking curiosity across the crypto community. Arkham noted that the activity may have been driven by a technical reason, suggesting the Bitcoin owner could be upgrading from legacy wallets to Native SegWit addresses for enhanced security and lower transaction fees. Wallet Upgrade May Explain Whale Activity: Arkham “Yesterday’s $8 billion transfers were possibly related to address upgrades, moving from 1-addresses to bc1q-addresses,” Arkham explained. The firm detailed that the Bitcoin was originally deposited into these wallets on either April 2 or May 4, 2011, and remained dormant for over 14 years before being moved to eight new wallets, where the funds have since stayed. While there is no evidence suggesting an imminent market impact, blockchain research firm 10x Research noted that its analysis has long indicated early Bitcoin holders may gradually offload their holdings to meet the demand from ETFs and corporate treasuries. However, it remains unclear if the current transfers are part of such activity. The event also drew commentary from prominent industry figures. PlanB, a well-known Bitcoiner, recently revealed in February that he converted all his Bitcoin holdings into spot Bitcoin ETFs, citing convenience and peace of mind. Speculation and Reactions from Industry Leaders While most interpretations of the whale transfer remain technical, Coinbase’s head of product, Conor Grogan, floated a cautious note, stating there is a slim possibility the massive movement could have resulted from a hack . “If true (again, I’m speculating on straws here), this would be by far the largest heist in human history,” Grogan commented. The unusual transfer caught the attention of former Binance CEO Changpeng “CZ” Zhao, who took a lighthearted approach, stating, “I got into crypto too late,” after observing the 2011 Bitcoin whales moving coins they obtained for around $0.10 each. Despite the intrigue, Bitcoin’s price has remained relatively stable , reflecting market confidence that the movement of these dormant funds is not an immediate threat to the current trading environment. The post Arkham: $8.6B Bitcoin Whale Transfer Likely Not a Sell-Off appeared first on TheCoinrise.com .
