On July 4, 2025, the crypto community was astonished by the simultaneous transfer of 80,000 Bitcoins, moved to SegWit addresses. These transfers sparked widespread interest and speculation about the owner's identity and intentions.
Details of the Massive Bitcoin Transfer
Blockchain data revealed that each of the eight old wallets from the Satoshi era, each containing 10,000 BTC, was converted to the bc1q format of SegWit addresses within the same minute. SegWit, or Segregated Witness, offers benefits such as lower transaction fees and enhanced security, indicating a significant technical upgrade within the Bitcoin infrastructure.
According to Arkham, an analytics platform, these eight addresses likely belong to a single individual. As these funds have not been channeled to exchanges, they did not create any immediate selling pressure. Arkham noted that the transactions were for “wallet address upgrades,” dismissing widespread fears that a major Bitcoin holder, or “whale,” was intending to sell off their assets.
Response from Coinbase on Allegations
A user on X shared a screenshot claiming that one of the 10,000 BTC-holding wallet addresses had conducted a transaction of 1.5 BTC in 2013, linking to a forum for proof. This claim swiftly circulated on the platform.
Conor Grogan, a manager at Coinbase, refuted the claim, labeling it as “fabricated.” He supported his counter-assertion by sharing a screenshot of the Blockchain record, which confirmed no transaction of 1.5 BTC had occurred at that specific address.
Market Reaction to the Transfer
Grogan’s rebuttal highlighted Blockchain transparency’s role in thwarting misinformation. Analysts caution that unverified claims about early Bitcoin movements could incite unnecessary panic among crypto enthusiasts and stakeholders.
Thus, the transfer of 80,000 Bitcoins marked a significant event in the crypto world, generating interest and numerous questions about the owner and their intentions. It remains to be seen what further news and analysis will arise on this subject.
