Arkham reveals that over 80,000 BTC was transferred due to an address upgrade, with no indications of selling from the whale involved.
On July 6, Arkham reported that an ancient Bitcoin whale transferred over 80,000 BTC, likely due to an upgrade from legacy addresses to 'bc1q-'. The total movement amounts to $8.6 billion, with no signs of selling pressure from the whale. These wallets had remained untouched for over 14 years, and the Bitcoin was moved to eight new wallets. Speculations about a potential hack exist, but the transfers are primarily viewed as related to wallet upgrades rather than market selling.