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A massive Bitcoin transfer involving $8.6 billion worth of BTC spread across eight wallets that have been untouched for over 14 years has sparked speculation in the crypto community.
The transfer, which took place on July 4, saw 80,009 BTC moved, raising concerns about potential market impact, a possible government deal, or even a hack.
$8.6 Billion Bitcoin Move Wallet Update
The transfer is thought to have been triggered by a wallet upgrade and not a liquidation.
The statement, made on July 5, denied speculation that the assets were being moved from their old 1- addresses to other addresses. This move increases transaction efficiency and reduces network fees.
The coins in question were initially deposited between April and May 2011, when Bitcoin was still trading below $1.
Now, more than a decade later, the analyst sees the spreading of funds across eight wallets as a technical realignment, not a market move.
Notably, Bitcoin’s price remained stable after the transfers, supporting the analyst’s interpretation.
Other Theories About the Transactions
While the analyst pointed to an innocent explanation, others in the industry suggested more tantalizing possibilities.
Cathie Wood questioned the nature of the transactions, suggesting that the move could be linked to a government deal.
She noted that the rapid stabilization of the Bitcoin market could indicate that the transaction was part of a larger institutional move.
“The Bitcoin market has stabilized quite rapidly, could this block be part of a government deal? Is it now part of a government treasury,” she asked.
Meanwhile, Conor Grogan has come up with another theory about these transfers, suggesting the possibility of a hack.
Grogan observed that one of the wallets sent a small Bitcoin Cash transaction 14 hours before the large Bitcoin transfer. This, he said, is a potential sign of a silent key test before the larger transactions.
“There is a possibility that the owner is testing the private key in a way that is not very noticeable, because BCH is not heavily monitored by whale watching services. I say this because other BCH wallets have been completely untouched, so why not sweep these as well?” Grogan wrote.
However, Grogan stressed that his theory was speculative, but noted that if proven true, it could be the biggest theft in crypto history.
Adding to the mystery, 10x Research hinted that the wallets could be linked to early Bitcoin investor Roger Ver.
The firm said speculators noted that the timing of the transaction coincided with Ver’s early involvement in Bitcoin, and his recent release from custody was another indication of his possible connection to the assets.
“He was released on bail from a Spanish prison on June 5th and the last time these Bitcoins were moved was in May 2011, while Roger entered Bitcoin in February 2011. He will definitely have billions of dollars worth of Bitcoin,” 10x Research noted.
While no direct evidence confirms his involvement, the coincidence has fueled further discussion within the community.
The exact reason behind the $8.6 billion transfer remains unclear, but the revival of the movement has certainly stirred up new debate in the industry.