Bitcoin whale moves $8.6 billion in BTC, likely for address upgrade, not selling

Bitcoin Whale Moves $8.6B in BTC for Address Upgrade, Not Selling

A Bitcoin whale transferred $8.6 billion in BTC after 14 years of inactivity, sparking speculation but likely for a technical upgrade rather than a sell-off.

Key Details

• Arkham Intelligence suggests the whale moved funds to upgrade from legacy "1-addresses" to more efficient Native SegWit (bc1q) addresses.
• The transfer involved 80,000 BTC, bought for $0.78–$3.37 per coin years ago.
• No signs indicate an intent to sell, dispelling fears of a market crash.

Community Speculation

Initial reactions ranged from fears of a sell-off to theories about market manipulation (FUD) or a cold storage update. Some even speculated government involvement, but Arkham dismissed these claims.

Broader Market Context

• 10x Research notes early holders have been slowly selling into ETF demand, like PlanB, who switched to spot Bitcoin ETFs for convenience.
• Coinbase’s Conor Grogan raised concerns about a potential hack, citing a BCH test transaction as a red flag.
• Ex-Binance CEO CZ joked about missing early Bitcoin prices, while some linked the whale to Roger Ver, though unconfirmed.

Conclusion

The transfer appears technical, not bearish, but highlights how large moves can stir market uncertainty. Identity remains unknown.