The transfer emptied eight connected wallets; no selling intent detected despite Bitcoin trading near $109,000 during the movement.
A single entity transferred 80,000 Bitcoin across eight connected wallets within 24 hours. Blockchain analysts confirmed this activity involved coins dormant since 2011. The oldest coins originated from April 2011, acquired at approximately $0.78 per Bitcoin. Other portions were obtained near $3.37. At current prices near $109,000, the total value exceeds $8.6 billion.
The movement began on July 4th with two initial transfers totaling 20,000 BTC. Subsequent transfers emptied the remaining wallets, relocating all 80,000 BTC to new addresses.
On-chain patterns indicate no immediate intent to sell. The 14-year holding period suggests strong conviction. This treasury now exceeds Marathon Digital’s holdings and ranks behind only MicroStrategy’s corporate reserves.
Analysts propose Roger Ver, an early Bitcoin advocate, as a potential owner. Ver faces extradition to the U.S. for tax-related charges. Speculation suggests he might use these funds for legal negotiations. If verified, Ver retained substantial Bitcoin despite promoting Bitcoin Cash. These wallets predate the 2017 Bitcoin Cash fork, implying ownership of equivalent forked assets.
Alternative theories suggest an early miner acquired the coins. The entire 80,000 BTC would have cost roughly $250,000 based on historical acquisition prices. The transfer timing coincided with Bitcoin trading above $109,000, nearing potential record highs. The recipient addresses offer no identifiable clues regarding ownership or purpose.
This event marks the largest single-day movement of Bitcoin held over ten years. ETHNews note such actions by long-term holders often precede major price movements, though the whale’s ultimate intention remains unconfirmed.
Bitcoin Cash (BCH) is trading at $486.00 USDT, reflecting a -2.10% daily loss, continuing its pullback from recent highs. The token has posted a -0.65% return this week, although it remains in positive territory +21.26% for the month, +11.83% year-to-date, and +30.20% over the last 12 months. Despite this correction, BCH has shown relative strength among older Layer-1 chains, especially in Q2.
From a technical perspective, BCH is trading within a wide ascending channel structure that has been active since early April. Price recently rejected the upper band near $510 and is now hovering around support levels.
ETHNews analysts on TradingView have flagged the $468-$472 region as a potential accumulation zone, with short-term bullish patterns suggesting a rebound toward $500-$520 if macro conditions improve.
Momentum indicators are neutral, but volume is beginning to contract, signaling indecision and the likelihood of a breakout or breakdown in the coming days.
Recent sentiment around Bitcoin Cash has grown more optimistic. ETHNews analysts have noted a shift in positioning from short-term trading to mid-cycle accumulation. This comes amid renewed speculation that BCH could become the next legacy altcoin to benefit from ETF attention, following Ethereum and Solana’s success in gaining institutional exposure.
Moreover, BCH has gained traction among traders looking for payment-focused assets, as its low fees and stable infrastructure appeal to real-world commerce use cases. Some trading groups have identified BCH as a “value rotation candidate” in portfolios underweight on Bitcoin and Ethereum, due to its faster confirmation times and historical correlation with Bitcoin rallies.
