Recently, Arkham, a well-known blockchain research company, announced information about a Bitcoin transfer worth up to 8.6 billion USD. This event attracted the attention of the global cryptocurrency community as, for the first time in over 14 years, billions of dollars worth of Bitcoin were transferred without any signs of it being sold off. So, is this event truly significant and does it pose a potential risk of having a major impact on the market?
8.6 billion USD in Bitcoin transferred: Is a sell-off happening?
Last Thursday, a large amount of Bitcoin, up to 10,000 BTC, was transferred from eight wallets that had been inactive for over 14 years. According to Arkham, there are no signs that the owner is planning to sell off. This blockchain research company stated that these transactions may relate to an upgrade from old wallets to new Native SegWit addresses, which are believed to be safer and have lower transaction fees.
“There are no signs that this whale is selling off Bitcoin. The transfer of 8 billion USD worth of Bitcoin may simply be a wallet upgrade from address 1 to address bc1q.”
This suggests that long-term Bitcoin holders may simply be making technical moves to optimize security and transaction costs, rather than intending to withdraw money from the market.
According to information from Arkham, all of this Bitcoin was originally sent to the wallets on April 2 or May 4, 2011, and has not had any transactions since then. This raises an interesting question: Who owns this Bitcoin and why has it been held for over a decade without being touched?
Although there is no clear evidence that the owners of these wallets intend to sell off, a previous study by 10x Research found that early Bitcoin holders may be shifting to other investment methods, such as ETFs or corporate treasuries. This reflects the long-term and highly strategic investment trends of early investors in the Bitcoin community.
CZ said he joined 'too late' after the whales moved
While most experts consider this a routine wallet upgrade, there are still those who express skepticism. Conor Grogan, Product Director at Coinbase, proposed a notable hypothesis, suggesting that this transfer could be related to an attack. If so, this could be the largest heist in cryptocurrency history.
“If that's the case (again, I'm just speculating based on intuition), this will be the largest theft in human history.”
This will certainly spark a strong wave of reaction in the community, as it raises questions about the safety of long-term storage wallets and whether there is a threat to major cryptocurrencies like Bitcoin.
Although there is no specific evidence of a sell-off or a major attack, this transfer of Bitcoin worth 8.6 billion USD still attracts strong attention from the crypto community. Changpeng Zhao, CEO of Binance, one of the most influential figures in the industry, also shared his views on the event:
“I realize that I got into cryptocurrency too late, especially after witnessing the whales in 2011 easily move the cryptocurrency they received at $0.10.”
This reflects an undeniable truth: Bitcoin has become an important part of global financial strategies, and major moves by 'whales' – investors with large amounts of Bitcoin – will always be a factor that can impact the market.
This event, although it may simply be a routine technical move, still serves as an important reminder of the ever-changing nature of the cryptocurrency market. Long-term Bitcoin holders have been well aware of the importance of protecting their assets through the use of advanced security technologies. At the same time, the market is also witnessing a shift in investment trends, with individual and institutional investors turning to financial instruments like Bitcoin ETFs.
Nevertheless, this event still requires our attention and close monitoring, as it may signal a change in how major investors manage their assets, as well as the impact of these moves on the cryptocurrency market in the future.
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