Satoshi-Era Bitcoin Movement Not a Sell-Off, Says Coinbase Director

In Brief:

80,000 BTC from dormant wallets sparked rumors of early whale activity or potential sales.

Coinbase director and Arkham confirmed no sales occurred—just address upgrades.

On July 5, the crypto community was rocked by the sudden movement of 80,000 BTC from wallets dormant since 2011—Bitcoin’s early “Satoshi era.” Valued at over $8.6 billion, the transfers marked the largest shift of old BTC ever recorded. But contrary to online speculation, no sales have occurred.

The story gained traction when an X user claimed that one of the wallets, which moved 10,000 BTC, was tied to a 2013 forum post and an alleged 1.5 BTC transaction. Conor Grogan, a director at Coinbase, publicly shut the rumor down, calling the claim fabricated. He shared blockchain records confirming no such transaction ever existed.

Meanwhile, Arkham Intelligence also weighed in, explaining that the movement of coins was likely due to address upgrades—specifically shifting from older wallet formats (starting with “1”) to newer SegWit addresses (starting with “bc1q”), which are more efficient and secure.

“There are no indications that this whale is selling Bitcoin,” Arkham clarified on X.

This clarification eased fears of a massive liquidation event. Despite the mystery surrounding the wallet owners, blockchain analysts continue to monitor the addresses, all of which have remained inactive since the transfers.

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