The cryptocurrency world was recently captivated by an unprecedented series of transfers involving over $8 billion worth of Bitcoin, originating from wallets active during the "Satoshi era" (2009–2011), the earliest days of Bitcoin's existence. On a single Friday, eight wallets dormant since 2011 collectively moved 80,000 BTC—valued at approximately $8.6 billion—to new SegWit addresses. These massive movements, occurring more than 14 years after the Bitcoins were initially received, have generated intense speculation and curiosity due to the unknown identity of the wallet owners.

Additional Dormant Wallets Reactivate

Adding to the intrigue, reports emerged of even more 2011-era wallets being reactivated. At least two pairs of dormant addresses, each holding 10,000 BTC, were included in the wave of activity. Notably, these transfers were clean and high-value, moving directly to unidentified SegWit wallets without small test transactions or the use of centralized exchanges—behavior that diverges from typical patterns of reactivated wallets.

Arkham Intelligence Weighs In

On-chain analytics platform Arkham initially speculated that all eight major wallets might belong to a single entity, though no individual or company has claimed ownership. Arkham later revised its assessment, suggesting that the transfers were likely due to address upgrades—from legacy 1- addresses to modern bc1q-addresses—rather than indicative of a massive liquidation by a Bitcoin whale.

Rumor and Misinformation: Coinbase’s Grogan Responds

Meanwhile, a rumor circulated on X (formerly Twitter) regarding a 2013 forum post referencing one of the 10,000 BTC wallets and an alleged 1.5 BTC transaction. Conor Grogan, director at Coinbase, debunked the claim, presenting on-chain evidence that no such transaction ever occurred, labeling the story as fabricated.

Legal Notice Mystery Adds Complexity

Adding a new twist, Charles Guillemet, CTO of Ledger, revealed that days before the eight wallets were activated, they—along with other top dormant Bitcoin addresses—received a mysterious legal notice. The message, posted on the website of a firm called Solomon Brothers, claimed the sender had taken legal possession of these wallets, considering them abandoned. The notice demanded that owners make an on-chain transaction by September 30 to prove ownership, or risk expropriation.

Guillemet expressed skepticism about the legality of the notice and ruled out hacking, though he acknowledged it was “highly unlikely.” He suggested three possible explanations:

1. Coincidence in timing

2. Owners reacting to the notice

3. A narrative being shaped to obscure the legitimate source of funds

Whale Alert Flags Additional Mega Transfer

Beyond the Satoshi-era activity, other significant transfers have also emerged. Whale Alert

reported a massive 7,499 BTC transfer (valued at over $800 million) from one anonymous wallet to another. Lookonchain traced the wallet to Jump Crypto Group, a prominent player in Web3 infrastructure, noting that the wallet had been dormant for two years. The nature of the transfer—possibly an OTC deal—has left the crypto community speculating.

Market Reactions and Whale Behavior Trends

These historic wallet movements occur against a backdrop of shifting market dynamics. After the second wave of early-wallet activity, Bitcoin’s price dipped from over $110,000 to approximately $108,600, though not dramatically.

A Bloomberg report citing 10x Research noted that “ancient” Bitcoin whales have collectively offloaded over $50 billion in BTC over the past year. Many have been swapping coins for equity positions, while corporate holders have increased their market share. These trends have contributed to Bitcoin’s reduced volatility, now comparable to the S&P 500, despite surging ETF inflows.

Bullish Long-Term Outlook from Key Figures

Despite the volatility, Bitcoin bulls remain optimistic. Samson Mow, CEO of JAN3, dismissed bear market fears, declaring that "this time is different." He supports Michael Saylor’s ambitious prediction of Bitcoin reaching $21 million in 21 years, a goal that would require Bitcoin to increase by $1 million per year on average. Recently, Bitcoin gained 3.5%, approaching the $110,000 mark again.