- A Bitcoin whale moved over 80,000 BTC, valued at more than $8.6 billion, after holding the assets dormant for 14 years.
- The BTC originated from eight wallets, each once holding 10,000 BTC, which are now empty.
- Coinbase’s Conor Grogan believes the coins likely came from mining activities in 2011, involving 180 mined reward blocks.
- The whale’s wallets once held 200,000 BTC, now worth about $22 billion, but ownership changes over time remain possible.
- The transferred funds have not been sent to any crypto exchange, leaving the owner’s intentions unclear.
A large holder of bitcoin (BTC) moved over 80,000 BTC, worth more than $8.6 billion, on July 4, after keeping the cryptocurrency untouched for 14 years. The recipient’s activity involved emptying eight separate wallets, each previously holding 10,000 BTC.
The event was highlighted by Lookonchain, who reported that the funds, originally received in 2011, had been idle until the recent transfers. Coinbase’s Conor Grogan stated that the activity suggests the original BTC holder may have mined the coins, referencing the consolidation of 180 mined reward blocks.
Grogan explained, “Ownership of the BTC could have changed hands over the years.” He added that the whale once controlled 200,000 BTC, which at today’s price would be valued around $22 billion. At the time the coins were first received in April 2011, BTC’s price was only $0.78, making the original stash of 80,000 BTC worth about $62,400. The value has since increased nearly 140,000%, according to Grogan.
Despite moving the massive sum, blockchain data shows that none of the BTC has been sent to exchange addresses, according to a report from CoinDesk. This leaves it uncertain whether the holder intends to sell the bitcoin or simply secure the funds.
Onlookers remain unsure why the whale chose to split the BTC into eight wallets, as noted by another analyst on X. This approach is sometimes used to reduce risk in the event of a wallet security breach. For now, the motives and future plans behind this significant BTC transfer remain undisclosed.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Ethereum NFT ‘Chimpers’ Launches Plush Keychains With 223 Collaboration
- NightEagle APT Targets China via Zero-Day Exchange Exploits
- BRICS to Launch Multilateral Guarantee Fund at Rio Summit
- Eurex Clearing Launches DLT-Based Collateral Solution for Margin
- Droitwich man faces 39 fraud charges over £206k charity theft
