$8.6B in dormant Bitcoin moved after 14 years

A massive Bitcoin (CRYPTO:BTC) transfer totalling 80,009 BTC, valued at $8.6 billion, has caught the crypto world’s attention after the coins moved for the first time in over 14 years.

The transfer occurred on July 4, with the assets distributed across eight wallets that had remained untouched since 2011.

The sheer size of the transaction raised fears of potential market disruption, government involvement, or even a hack.

Despite the volume, Bitcoin’s price held steady after the move, adding to the intrigue surrounding the event.

On-chain analytics firm Arkham Intelligence dismissed selloff concerns and suggested a benign explanation.

In a statement on July 5, Arkham claimed the transaction was likely triggered by a wallet upgrade.

The BTC was moved from legacy 1- addresses to newer bc1q- SegWit addresses, known for improving efficiency and lowering transaction fees.

Arkham noted that the original deposits were made between April and May 2011, when Bitcoin traded under $1.

The firm viewed the wallet transition as a technical reshuffle, not an indicator of liquidation or institutional exit.

Bitcoin’s price stability post-transfer supports this interpretation, further calming market fears.

Still, alternative theories have emerged. Ark Invest CEO Cathie Wood speculated that the funds may be tied to a government settlement.

She noted how quickly the market recovered, raising the possibility that the assets are now held by a sovereign entity.

Coinbase executive Conor Grogan proposed another scenario, suggesting the transfers could signal a security breach.

He highlighted a minor Bitcoin Cash transaction sent 14 hours before the main BTC transfer as a potential key test.

Grogan said such tests are typically done to confirm private key access without drawing attention.

He emphasised that this theory remains speculative but, if confirmed, could mark the largest crypto theft in history.

Adding to the mystery, 10x Research suggested the wallets could be linked to early Bitcoin investor Roger Ver.

The firm noted that Ver was released from Spanish custody on June 5, shortly before the dormant wallets moved.

They pointed out the timing aligns with Ver’s initial Bitcoin activity in early 2011.

Though no direct evidence confirms his involvement, the overlap has intensified speculation.

For now, the motive behind the $8.6 billion Bitcoin move remains uncertain.

What’s clear is that the reactivation of decade-old wallets has reignited debate over ownership, security, and transparency in crypto’s early history.

At the time of reporting, Bitcoin price was $108,732.00