The blockchain intelligence company Arkham stated that the $8.6 billion worth of Bitcoin transferred for the first time in over 14 years on Thursday does not appear to be heading to the sell-off market.
"There are no signs that this large holder is selling Bitcoin," Arkham posted on the X platform on Friday. Arkham added that these eight transactions involved transferring 10,000 Bitcoin (BTC) each from eight wallets that had not been used for over 14 years, possibly because the holder upgraded their original traditional wallets to Native SegWit addresses, which are said to enhance security and reduce fees.
"The $8 billion transfer yesterday may be related to address upgrades, migrating from addresses starting with 1 to those starting with bc1q," Arkham stated.
Earlier that day, Arkham also noted that these Bitcoins were initially deposited into these wallets on April 2 or May 4, 2011, and had not been used for over 14 years. The company added that these Bitcoins are now stored in eight new wallets and have not been transferred again.
On the same day, blockchain research firm 10x Research pointed out that while there is currently no clear evidence that this large amount of Bitcoin is being prepared for sale, their analysis "has long believed that early holders are gradually shifting assets towards ETF and corporate treasury demands."
In February of this year, Bitcoin influencer PlanB (on-chain analyst) revealed that he had converted all his Bitcoin holdings into spot Bitcoin ETFs. "Not having to worry about keys has made me much more at ease. I think I am no longer an 'extremist,'" PlanB posted on the X platform on February 15.
Meanwhile, Coinbase's product head Conor Grogan raised a more concerning possibility.
Grogan stated that the $8.6 billion Bitcoin transfer is very unlikely to be due to a hacker attack; if true, it would become the largest major theft in human history.
"If this is true (again, I emphasize this is just my speculation), it would undoubtedly become the largest heist in human history," Grogan wrote on the X platform on Friday.
This transfer has sparked widespread attention across the entire crypto industry, with some industry insiders taking a relaxed view of the matter. Binance's former CEO Zhao Changpeng (CZ) stated, "I entered the crypto space too late."
"Seeing a whale from 2011 casually transfer crypto assets purchased for $0.1 back then," Zhao Changpeng added.
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Original: “Arkham: $8.6 Billion Bitcoin (BTC) Whale Transfer Shows No Signs of Sell-Off”
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