In a surprising turn of events, approximately $8.6 billion worth of Bitcoin was moved on Thursday in what blockchain analysts are calling one of the largest shifts of dormant crypto in history. The coins, inactive since 2011, were moved across eight separate transactions—each carrying 10,000 BTC—from legacy wallets to more modern addresses.
Bitcoin from 2011 Moved to Native SegWit Addresses
According to blockchain intelligence firm Arkham, this marks the first time these particular wallets have been active in over 14 years. Analysts believe the movement may simply be an upgrade from legacy Bitcoin wallets to Native SegWit (Bech32) addresses, which offer improved security and reduced transaction fees.
Arkham found no immediate evidence suggesting the original owner is preparing to sell the assets. This has helped calm initial fears of a major market sell-off. Native SegWit upgrades have become more common as long-term holders look to modernize their wallet infrastructure without triggering taxable events or influencing market prices.
Is a Major Bitcoin Sell-Off Coming?
While the transfer itself doesn’t confirm any selling activity, some experts are keeping a close eye. 10x Research noted that many early Bitcoin holders are beginning to sell small portions of their holdings—mainly to meet growing demand from Bitcoin ETFs and corporate treasuries.
However, Coinbase’s Conor Grogan raised a serious concern on social media, speculating whether the movement could be the result of a hack. If proven true, he stated, it could potentially go down as the largest theft in crypto history. So far, no evidence has confirmed this theory.
The crypto community has responded with a mix of curiosity, concern, and humor. Former Binance CEO Changpeng Zhao (CZ) joked about missing out on the early Bitcoin era, reflecting on just how much value these early coins now hold.
