Arkham: "₩11 trillion in dormant whale Bitcoin transfers show no sign of selling"

On the 4th (local time), analysis indicated there were no signs of selling in relation to the large whale Bitcoin (BTC) transfer news that heightened market tension. According to cryptocurrency-focused media outlet Cointelegraph on the 6th, blockchain analytics company Arkham said, "Although this $8.6 billion (approximately ₩11 trillion) worth of Bitcoin transfer occurred, there is no indication that the whale is selling their Bitcoin."

According to on-chain data released by Arkham, a total of 80,000 Bitcoin, with 10,000 BTC each from eight different wallets, were transferred to SegWit addresses. All of these wallets are addresses created during the very early days of Bitcoin, specifically in early 2011. Arkham explained, "This transfer may have occurred due to an upgrade from existing wallets to SegWit addresses, which offer improved security and fee efficiency."

There are a variety of opinions within the industry regarding this transfer.

First, there is an analysis that institutions are acquiring the whale's Bitcoin. 10x Research stated, "There is no evidence that this large-scale transfer is preparation for selling," adding, "It is possible that early holders are gradually selling Bitcoin and supplying it to ETF and Treasury (Bitcoin reserve strategy) companies."

On the other hand, concerns have been raised that it could be an incident caused by hacking. Conor Grogan, Head of Product at Coinbase, noted, "This transfer could be due to hacking," and added, "If true, it would be the largest theft incident in the industry's history."