What just happened? A massive trove of Bitcoin, untouched for 14 years, was suddenly moved on Friday in what analysts are calling the largest single-day transfer of decade-old coins in the cryptocurrency's history. Blockchain data shows that 80,000 BTC worth approximately $8.6 billion at current prices were transferred from eight wallets that had remained dormant since 2011, a period often referred to as the "Satoshi era" when Bitcoin was trading at under $4 per coin.
The transactions, each involving 10,000 BTC, began early in the morning and were completed within hours, according to Arkham Intelligence. The coins originated from "coinbase" transactions – rewards given to miners for creating new blocks on the blockchain, a detail that suggests the owner was an early miner or a so-called "OG" participant in the network.
"It is the largest daily movement of coins aged 10 years or more in history," CryptoQuant's head of research, Julio Moreno, told Decrypt. He added that the previous record was a mere 3,700 BTC, making this event unprecedented in scale.
There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys
– Conor (@jconorgrogan) July 4, 2025
I found a single BCH test transaction from one of the BTC whale clusters 14 hours ago, followed by the full amount. An hour later, the BTC wallets began to move (1/3) pic.twitter.com/VzRnaUyIG7
The sudden awakening of these ancient wallets has sparked intense speculation across the crypto community. Some observers believe the transfers could signal a change in ownership, an upgrade to newer wallet addresses, or even the possibility of a security breach.
Conor Grogan, a director at Coinbase, noted on X that there is "a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys." He pointed to a suspicious test transaction on the Bitcoin Cash network that occurred about an hour before the BTC transfers began, suggesting it may have been used to quietly test whether the private keys were still valid.
"If true (again, I'm speculating on straws here), this would be by far the largest heist in human history," Grogan wrote – while stressing that the theory remains entirely speculative.
BILLIONAIRE BITCOIN WHALE UPDATE
– Arkham (@arkham) July 5, 2025
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
Despite the magnitude of the move, there is no evidence so far that the Bitcoin has been sold or moved to exchanges. Arkham Intelligence later suggested that the transfers were likely related to address upgrades – specifically, moving coins from older legacy formats to newer, more secure "bc1q-" addresses – and stated, "There are no indications that this whale is selling Bitcoin."
The identity behind the wallets remains a mystery. Some in the community have speculated about prominent early adopters, including Roger Ver, but there is no confirmation of ownership. What is clear is that the entity behind the transfers once controlled up to 200,000 BTC, making them one of the largest holders in Bitcoin's history.
Market reaction to the transfers was immediate, with Bitcoin's price briefly dipping below $108,000 amid fears of potential selling pressure from such a large holder. However, the price quickly stabilized once it became apparent that the coins had simply been moved to new addresses and not liquidated.
The movement of these coins represents an extraordinary unrealized gain of more than $8 billion. The event has reignited discussion about the influence of early adopters, the security of dormant wallets, and the enduring mystique of Bitcoin's earliest days.
Bitcoin worth $8.6 billion moved for the first time since 2011, bought for just $210K
