TLDR:
- A Bitcoin whale moved 80,000 BTC from legacy to SegWit addresses for improved wallet compatibility.
- No BTC has been sent to exchanges, suggesting no immediate liquidation intent.
- The brief price dip reversed quickly after analysts flagged the move as non-threatening.
- Analysts caution that upgraded addresses allow easier selling in future scenarios.
Bitcoin markets briefly reacted after a massive 80,000 BTC transfer sparked speculation across the crypto community.
However, blockchain analysts say the move likely reflects a wallet upgrade, not a sell-off. The transactions, worth over $8 billion, originated from legacy addresses and now sit in modern formats.
While the market dipped momentarily, the price has since stabilized, showing the move didn’t result in any selling pressure. Traders remain watchful, but experts believe the shift reflects a push for better security, not liquidation.
Bitcoin Whale Activity Suggests Format Shift, Not Dump
According to blockchain intelligence platform Arkham, the whale transferred BTC from older “1-” addresses to newer “bc1q-” formats.
This upgrade makes the holdings more compatible with modern wallets and potentially more secure. Analysts at Arkham said there were no signs of selling linked to the move.
BILLIONAIRE BITCOIN WHALE UPDATE
Yesterday’s $8 billion transfers were possibly related to address upgrades, moving from 1- addresses to bc1q- addresses.
There are no indications that this whale is selling Bitcoin. pic.twitter.com/wdK4Ppkv0J
— Arkham (@arkham) July 5, 2025
Wu Blockchain also reported that the transactions may be part of an address format migration. So far, on-chain activity confirms no inflow to exchanges from the receiving addresses, which would typically signal an intent to sell.
The market initially reacted to the massive shift, with traders fearing a large-scale liquidation. Alva App noted that the move caused a short-lived dip, showing how much influence whales still carry. However, the price rebounded quickly, suggesting traders were reassured after reviewing blockchain data.
Despite this recovery, analysts urge caution. Wallet upgrades make future sales easier, as coins become compatible with a wider range of platforms and tools.
The possibility of future action remains, especially with such a large volume in motion.
Bitcoin Price Holds Steady Amid Whale Moves
As of the latest data from CoinGecko, Bitcoin trades at $108,791. That marks a 0.61% rise in the past 24 hours and 0.84% over the week.
Daily trading volume sits at $11.6 billion, a 26.9% drop from the day before. This suggests a temporary pullback in market activity even as prices hold firm.
Though the 80,000 BTC remains untouched post-transfer, traders are keeping a close eye on the addresses. Any movement toward exchanges would likely trigger fresh market reactions.
For now, the shift appears to be more about modernizing than dumping, but eyes remain fixed on the chain. The episode underscores the market’s sensitivity to whale activity, especially when older holdings suddenly come into motion.
The post Bitcoin Whale Moves 80,000 BTC in Address Upgrade, Not Sell-Off, Analysts Say appeared first on Blockonomi.
Source: https://blockonomi.com/bitcoin-whale-moves-80000-btc-in-address-upgrade-not-sell-off-analysts-say/