$8.6B Bitcoin whale transfer shows no signs of sell-off: Arkham

Blockchain quality steadfast Arkham says the caller $8.6 cardinal successful Bitcoin that was moved connected Thursday for the archetypal clip successful implicit 14 years doesn’t look to beryllium heading for a sell-off.

“There are nary indications that this whale is selling Bitcoin,” Arkham said successful an X station connected Friday. Arkham added that the 8 transfers — which moved 10,000 Bitcoin (BTC) astatine a clip from 8 wallets that were untouched for implicit 14 years — whitethorn beryllium perchance owed to the proprietor upgrading from the archetypal bequest wallet to a Native SegWit address, which is said to person improved information and little fees.

Arkham says Bitcoin transportation “possibly related” to wallet upgrade

“Yesterday’s $8 cardinal transfers were perchance related to code upgrades, moving from 1-addresses to bc1q-addresses,” Arkham said.

Source: Arkham

Arkham said earlier connected Friday that each the Bitcoin was primitively deposited into the wallets connected April 2 oregon May 4, 2011, and remained untouched for much than 14 years. The steadfast added that the Bitcoin is present stored in 8 caller wallets and hasn’t been moved since.

In a station connected the aforesaid day, blockchain probe steadfast 10x Research said that portion there’s nary wide grounds the ample magnitude of Bitcoin is being prepared for sale, its investigation has “long suggested that aboriginal holders are gradually offloading into ETF and firm treasury demand.” 

CZ says helium got successful “too late” aft whale move

Only successful February, salient Bitcoiner PlanB revealed that helium converted each of his Bitcoin holdings to spot Bitcoin ETFs. “Not having to hassle with keys gives maine bid of mind. I conjecture I americium not a maxi anymore,” PlanB said successful a Feb. 15 X post.

Meanwhile, Coinbase’s caput of product, Conor Grogan, raised a much alarming possibility.

Grogan said there’s a slight accidental a hack caused the $8.6 billion Bitcoin transfer, and if so, it could beryllium the largest robbery ever.

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“If existent (again, I’m speculating connected straws here), this would beryllium by acold the largest heist successful quality history,” Grogan said successful an X station connected Friday,

The transfers caught the attraction of the broader crypto industry, with immoderate taking a light-hearted approach. Binance erstwhile CEO Changpeng “CZ” Zhao said, “I got into crypto excessively late.”

“After seeing the 2011 whales casually moving crypto they got for $0.1,” Zhao added.

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