Blockchain trackers detected a series of transactions beginning on 4 July that ultimately shifted about 80,000 Bitcoin—worth roughly $8 billion at current prices—from addresses created in 2011 to newly generated bech32 wallets. The flows included an initial 10,009-BTC transaction followed by several similarly structured moves that industry monitors initially interpreted as potential whale sales. Arkham Intelligence, a blockchain-analytics firm, said its review indicates the transfers are most likely part of an address-format upgrade rather than liquidation. The coins moved from legacy “1-” addresses to “bc1q-” formats, and none of the destination wallets have forwarded funds to exchanges, a typical precursor to selling. Separate large transfers kept traders on alert. On 7 July, 7,999 BTC (about $864 million) left a Coinbase wallet for an unidentified address, while a long-dormant Ethereum participant moved 900 ETH—now valued near $2.2 million—after nearly a decade of inactivity. Analysts said the cluster of high-profile wallet activations underscores growing efforts by early holders to update security practices without necessarily signaling plans to exit positions.