Blockchain intelligence company Arkham doesn’t seem to be heading for sale with the latest $8.6 billion in Bitcoin, which moved on Thursday for the first time in more than 14 years.
“There is no indication that this whale is selling Bitcoin,” Arkham said in an X post Friday. Arkham added that eight transfers that moved 10,000 Bitcoin (BTC) at a time from eight wallets that have not been touched for over 14 years could be due to owners having upgraded from their original legacy wallet to native segment wit addresses.
Arkham says Bitcoin transfers “may be related” to wallet upgrades
“The $8 billion transfer yesterday could have been related to an address upgrade moving from one address to a BC1Q address,” Arkham said.
Arkham said on Friday that all Bitcoins originally accumulated in the wallet on April 2 or May 4, 2011, and have not been mentioned in more than 14 years. The company added that Bitcoin is currently stored in eight new wallets and has not moved since.
In a post on the same day, the 10x survey of blockchain research firms said there is no clear evidence that a large amount of Bitcoin is being sold, but the analysis “since for a long time early owners are gradually offloading demand for ETFs and the Ministry of Corporate Treasury.”
CZ says “too slow” after whale moves
Only in February revealed that the prominent Bitconnor PlanB converted Bitcoin Holding into all Bitcoin ETFs. “You don’t need to get the keys. It gives me peace of mind. I don’t think I’m a maxi anymore,” Pramp said on the X-Post on February 15th.
Meanwhile, Conor Grogan, head of product at Coinbase, has made it even more surprising.
Grogan said there is a slight chance that the Huck caused a $8.6 billion Bitcoin transfer. If so, it could be the biggest robbery ever.
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“If that’s the case (again, I’m guessing straw here), this would be a much bigger robbery in human history,” Grogan said in a post on X on Friday.
The relocation attracted the attention of the broader crypto industry, with some taking a lighter approach. Former Binance CEO Changpeng “CZ” Zhao said, “I went into the code too late.”
“After seeing the whales in 2011 casually moving, they got it for $0.1,” Zhao added.
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