Arkham Intelligence stated that the massive transfer is not related to a sale. According to the firm’s data, eight separate transactions of 10,000 BTC each originated from wallets that had been untouched for over 14 years. These wallets were loaded with Bitcoin in April and May of 2011. 

Bitcoin Whale Transfer Not For Selling: So What’s Behind It? 

The Bitcoin was transferred to new addresses using the Native SegWit format. This new address structure offers lower fees and increased security. Experts interpret this change as the user upgrading from old legacy wallets to a more modern and secure format. 

BILLIONAIRE BITCOIN WHALE UPDATE

Yesterday’s $8 billion transfers were possibly related to address upgrades, moving from 1- addresses to bc1q- addresses.

There are no indications that this whale is selling Bitcoin. pic.twitter.com/wdK4Ppkv0J

— Arkham (@arkham) July 5, 2025

Nonetheless, the transfer sparked wide reactions within the crypto community. Each of the eight transactions—containing 10,000 BTC—was carried out on the same day and within similar time intervals. This regularity suggests the move was not a random attempt to sell. 

Market Reactions: PlanB Turns to ETFs, Grogan Flags Hack Risk 

10x Research stated that the move does not clearly indicate a sell-off. However, the firm maintains that early holders have been gradually offloading their assets in response to ETF and corporate treasury demand. 

Meanwhile, well-known analyst PlanB revealed in February that he had moved all his Bitcoin holdings into spot ETFs. His statement highlighted the shifting preferences among long-term Bitcoin investors towards safety and convenience. 

Coinbase executive Conor Grogan offered a more alarming take. Grogan speculated that such a massive transaction could be the result of a hack. If true, it would mark the largest digital theft in history. On the other hand, many in the industry reacted lightheartedly. Former Binance CEO CZ joked, “Wish I had gotten in during 2011,” referencing the 10-cent price of BTC back then. 

In conclusion, the transaction doesn’t appear to be aimed at selling. Instead, it is being viewed as a wallet structure upgrade for enhanced security. 

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