Key Insights: 

$8.6 billion worth of Bitcoin, dormant for over 14 years in Satoshi-era wallets, was suddenly moved on July 4th.

Coinbase’s Head of Product believes that there is a “small possibility” that this movement was a hack

The movement of funds immediately caused a 1.6% drop in Bitcoin’s price and fueled panic in the crypto markets.

 

A mysterious movement of $8.6 billion worth of Bitcoin, which had previously been untouched for over 14 years, has set off alarm bells across the crypto space. While the funds haven’t been sold or liquidated yet, such a massive amount of crypto being moved is raising serious questions. 

Was it a quiet test by a long-term holder? Was it a coordinated whale play? Or as some now fear, was this the biggest hack in the history of crypto?

Coinbase Exec Says There’s A “Small Possibility” It Was a Hack

According to Conor Grogan, Coinbase’s Head of Product in a series of posts on X (formerly Twitter), the sudden awakening of these ancient wallets might not be as innocent as it seems.

If true (again, I’m speculating on straws here), this would be by far the largest heist in human history

— Conor (@jconorgrogan) July 4, 2025

Each of these held a large chunk of Bitcoin dating back to 2011. “There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys,”

Grogan admitted that this idea was purely out of speculation. However, if it turns out to be valid, it easily becomes the single “largest heist in human history”.

What added weight to his suspicion was a single, strange Bitcoin Cash (BCH) transaction that took place just before the Bitcoin started moving. 

“I found a single BCH test transaction from one of the BTC whale clusters 14 hours ago, followed by the full amount. An hour later, the BTC wallets began to move,” Grogan explained.

The Transaction Trail of 80,000 Bitcoin from 2011

According to blockchain analytics firm Arkham Intelligence, the $8.6 billion in Bitcoin was originally stored across eight wallets, and all were funded in 2011.

BILLIONAIRE BITCOIN WHALE WALLETS ARE WAKING UP

So far, 7 addresses have now moved a total of $7.6 Billion in BTC since last night.

The addresses below have all been holding since April-May 2011, over 14 years. pic.twitter.com/AMbc3sUMAM

— Arkham (@arkham) July 4, 2025

These wallets remained untouched for over 14 years, until they suddenly became active on July 4. 

The Bitcoin was then transferred into eight new wallets where it currently sits, unmoved. Each of these transactions were massive and moved around 10,000 BTC each without any warning signs. 

The sheer size and age of these funds have immediately made these wallets interesting as far as blockchain watchers and security experts are concerned.

Fear, Macroeconomics, and Satoshi Speculation

News of the transfers sent panic through the crypto markets almost immediately. Bitcoin dropped 1.6% shortly after the movement was first detected, and slipped below the $108,000 level to as low as $107,564 on Bitstamp. 

This decline came despite U.S. markets being closed for Independence Day, and showed just how blockchain activity can still affect price movement.

Social media was quick to weigh in, with some traders floating wild theories. Some of them speculated that the wallets could be linked to Bitcoin’s creator, Satoshi Nakamoto. 

The theory, while unproven, was a major source of panic for traders across the market. Speculation ran so hot that liquidity maps from CoinGlass showed long positions being liquidated as resistance built above $110,000.

Bitcoin Price Risks and Whale Games

Even without a confirmed hack, the sheer movement of 80,000 BTC has affected market sentiment. According to crypto analyst Rekt Capital, Bitcoin’s price behavior is currently flirting with a technical edge. 

BTC is “losing the diagonal for the moment,” he said in a recent post. He was referring to a trendline that had supported the bull market since the last all-time high of $112,000. A daily close below this line could spell short-term trouble for Bitcoin, even though a bounce above it would indicate a healthy retest. 

The market is watching closely, with many traders worried that more dormant wallets could reactivate. Even worse, the current ones might decide to follow and start to sell.

Meanwhile, exchange order books are showing growing short liquidity above $110,000. This means that this price level is an important one. If the whales were to start offloading their Bitcoin, the price could easily enter a death spiral to levels below $100,000.

The post Biggest Theft In Human History? 14-Year-Old Satoshi Era Wallets Move Bitcoin For The First Time In $8.6 Billion Transfer appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ July 5, 2025 5:20 pm