Blockchain analytics firm Arkham reports that eight Bitcoin wallets holding 10,000 BTC each—untouched since their 2011 creation—recently moved approximately $8.6 billion worth of Bitcoin in what appears to be technical upgrades rather than market-driven activity.
Arkham’s analysis indicates the funds, dormant for over 14 years after being originally funded during April-May 2011, were systematically transferred from legacy ‘1-‘ addresses to modern ‘bc1q’ Native SegWit addresses. This shift suggests wallet infrastructure modernization targeting improved security efficiency rather than liquidation.
Industry observers corroborate the assessment, viewing the move as consistent with holders updating outdated storage systems. The transition underscores evolving custody standards among long-term Bitcoin stakeholders, emphasizing optimized protocol compatibility over market speculation.
The substantial transfer generated notable community discussion, including acknowledgment from figures like Changpeng Zhao (CZ) who highlighted the $0.10 per Bitcoin acquisition cost in 2011. Reactions blend technical interest with historical context regarding Bitcoin’s appreciation trajectory.