A massive Bitcoin transfer totaling approximately $8.6 billion has sparked buzz across the crypto space — but analysts say it’s not pointing to a sell-off.
According to blockchain analytics firm Arkham, the recent movement of 80,000 BTC — split across eight separate 10,000 BTC transactions — appears to be part of a technical upgrade rather than preparation for liquidation. The BTC was originally stored in wallets untouched since April and May of 2011.
“There’s no evidence suggesting these funds are being sold,” Arkham posted on X. They explained that the coins were likely moved from old legacy wallets to updated Native SegWit (bc1q) addresses, which offer enhanced security and reduced transaction fees.
The firm noted the timing and structure of the transfers suggest the owner may simply be modernizing their wallet setup. “The shift from 1-addresses to bc1q-addresses hints at an address format upgrade,” Arkham said.
All eight new wallets holding the funds remain inactive following the transfer.
While Arkham ruled out an imminent sell-off, 10x Research shared a broader view, saying that even without immediate signs of selling, there’s a long-term pattern of early adopters gradually offloading their holdings into institutional demand — particularly ETFs and corporate treasuries.
PlanB, a well-known Bitcoin commentator, echoed this evolution in user behavior earlier this year when he disclosed converting all his BTC into spot ETFs, citing convenience and peace of mind over self-custody. “I guess I’m not a maxi anymore,” he posted in February.
However, not everyone is convinced the move was purely routine.
Coinbase’s Conor Grogan speculated on X that, in a worst-case scenario, the sudden reactivation of decade-old wallets could be the result of a security breach. “If this was a hack — and I’m just speculating — it could represent the largest theft in history,” Grogan warned.
Still, many in the crypto community responded to the event with amusement and nostalgia. Former Binance CEO Changpeng “CZ” Zhao joked about the timing, saying, “I got into crypto too late,” after seeing early holders casually shift BTC acquired at around 10 cents.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
