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A massive Bitcoin transfer involving $8.6 billion worth of BTC, spread across eight wallets untouched for over 14 years, has ignited a wave of speculation within the crypto community.
The transfer, which occurred on July 4, involved the movement of 80,009 BTC. This raised concerns about potential market impact, and possibilities of a government settlement deal, or even a hack.
Arkham Suggests $8.6 Billion Bitcoin Move Was a Wallet Upgrade
Arkham Intelligence, an on-chain analytics firm, believes the transfer was likely triggered by a wallet upgrade, not a liquidation.
In a July 5 statement, Arkham dismissed speculation of a selloff, clarifying that the assets moved from legacy 1- addresses to modern bc1q- SegWit addresses. This transition boosts transaction efficiency and reduces network fees.
Now, more than a decade later, Arkham views the funds’ spread across eight wallets as a technical realignment rather than a market-moving event.
Notably, Bitcoin’s price remained stable after the transfers, further supporting Arkham’s interpretation.
Other Theories Surrounding the Transactions
While Arkham pointed to a benign explanation, others in the industry raised more provocative possibilities.
Cathie Wood, CEO of Ark Invest, questioned the transactions’ nature and suggested that the move might be tied to a government settlement.
She noted that the Bitcoin market’s swift stabilization might indicate that the transaction was part of a larger institutional move.
“The Bitcoin market stabilized fairly quickly, so could this block be part of a government settlement deal? Is it now part of a government Treasury,” Wood wondered.
Meanwhile, Coinbase executive Conor Grogan floated another theory about those transfers by suggesting the possibility of a hack.
He observed that one of the wallets sent a small Bitcoin Cash transaction 14 hours before the larger Bitcoin transfer. According to him, this is a potential sign of a quiet key test before the larger transactions.
“There is a possibility that the owner was testing the private key in a way that wouldn’t get noticed, as BCH isn’t monitored heavily by whale watching services What makes me say this is the other BCH wallets have not been touched at all; why wouldn’t they also sweep these?” he wrote.
However, Grogan stressed that his theory remains speculative but noted that if confirmed, it could mark the largest theft in crypto history.
According to the firm, speculators noted that the timing of the transaction aligns with Ver’s early involvement in Bitcoin. They also pointed to his recent release from detention as another indication of his possible involvement with the assets.
“He was released on bail from Spanish prison on June 5 and those Bitcoins last moved in May 2011 while Roger got into Bitcoin in February 2011. He will certainly have billions of dollars worth of Bitcoins,” 10x Research said.
Though no direct evidence confirms his involvement, the coincidence has fueled further debate within the community.
The true reason behind the $8.6 billion transfer remains unclear for now. However, it is certain that their reawakening has sparked renewed conversations in the industry.
Bitcoin (BTC) surged past the $90,000 mark following reports of its potential preferential treatment in President Donald Trump’s proposed US crypto reserve strategy.
The speculation comes ahead of the White House Crypto Summit, which Trump will host and feature top digital asset industry executives.
Trump’s Bitcoin Reserve Plan Unveiled
Citing Commerce Secretary Howard Lutnick, The Pavlovick Today revealed that the strategic cryptocurrency reserve would be on Friday’s agenda for President Trump’s White House Crypto Summit.
“The President definitely thinks that there’s a Bitcoin strategic reserve. Now there will be the question of, how do we handle the other cryptocurrencies? And I think the model is going to be announced on Friday,” Lutnick reportedly stated.
Reportedly, Trump envisions a strategic Bitcoin reserve, distinguishing it from other cryptocurrencies. Lutnick suggested Bitcoin would receive unique status under Trump’s plans.
“So Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently—positively, but differently,” he added.
Following this news, Bitcoin reclaimed the $90,000 psychological level, with BTC trading for $90,097 as of this writing. According to BeInCrypto data, this represents a surge of over 7% since Wednesday’s session opened.
The prospective preferential treatment for Bitcoin is unsurprising given its heft as the pioneer crypto. Similarly, its commodity status, like Ethereum (ETH), also positions it for possible privilege.
In a recent Truth Social post, he emphasized his administration’s commitment to elevating the crypto sector. Specifically, Trump announced that the US crypto reserve would include XRP, SOL, and ADA alongside Bitcoin and Ethereum.
However, Lutnick’s comments suggest that Bitcoin may receive special status under the new framework. While Trump’s announcement has fueled bullish sentiment in the Bitcoin market, it has also sparked significant debate.
Some crypto leaders have expressed skepticism about including alternative cryptocurrencies (altcoins) in the US reserve. Critics argue that favoring Bitcoin while treating other tokens differently could create market distortions.
Another major talking point is Ethereum’s role—or lack thereof—in the prospective crypto reserve strategy. The White House Crypto Summit will feature leaders from ecosystems running on Ethereum, but the blockchain lacks representation.
Notwithstanding, the announcement of a strategic crypto reserve has led to speculation about an incoming altseason. Tim Haldorsson, founder of Luna Strategy, told BeInCrypto that Trump’s plan could drive increased investment into altcoins.
However, Henrik Zeberg Jensen, the head of Macroeconomics and fund manager of Swissblock Technologies AG, has a different opinion.
“Trump does not stand as a testimony to or a proof of which tokens will have success. Look at his meme coin [TRUMP]! No usability- and driven by speculation. The success of any token in the long run will be based on the usability of the token in future solutions which will lift productivity and reduce cost. Trump’s picks in that respect seem arbitrary,” Zeberg told BeInCrypto.
Should Bitcoin get preferential treatment in the crypto reserve, altcoins could still benefit. Historically, Bitcoin-led rallies have often paved the way for altcoin surges.
Solana (SOL) is down nearly 13% over the last four days, reflecting a sharp loss of momentum across key technical indicators. The Ichimoku Cloud remains bearish, with price action stuck below a thick resistance zone and short-term lines reinforcing downward pressure.
Meanwhile, SOL’s BBTrend has plunged to -5.68, its lowest level in 11 days, signaling intensified selling activity. With EMA lines still in bearish formation and price struggling to reclaim $150, Solana continues to face strong resistance and uncertain short-term direction.
Bearish Ichimoku Setup Weighs on Solana Price
Solana’s Ichimoku Cloud chart shows a persistently bearish setup. The price action remains below the Kumo (cloud), which has transitioned from red to green in the near future but still indicates overhead resistance.
The blue Tenkan-sen (conversion line) is below the red Kijun-sen (base line), reflecting continued short-term bearish momentum.
Candlesticks are struggling to gain traction above the Tenkan-sen, signaling weak buyer strength and limited upward pressure.
Looking ahead, the cloud itself thickens and flattens, suggesting that even if price attempts a recovery, it will face strong resistance when it approaches the cloud zone.
The leading span lines—Senkou Span A (green) and Senkou Span B (red)—are relatively wide apart, reinforcing uncertainty and low bullish conviction.
The overall trend remains tilted to the downside until price decisively breaks into or above the cloud.
Solana BBTrend Dives Into Bearish Territory
Solana’s BBTrend has sharply dropped to -5.68, marking its lowest reading in the past 11 days.
The BBTrend (Bollinger Band Trend) measures the strength and direction of price movements relative to the Bollinger Bands.
Values above 1 suggest a strong uptrend, while readings below -1 indicate a strong downtrend.
A BBTrend of -5.68 places Solana deep in bearish territory, signaling an aggressive downward move and suggesting that volatility is expanding in favor of sellers. If this persists, it could increase the likelihood of further downside pressure in the near term.
SOL Struggles at $150 Resistance After Sharp Drop
Solana’s EMA lines remain in a bearish alignment, with short-term averages still positioned below the long-term ones—confirming a downtrend structure.
Price action has struggled to reclaim the $150 level over the past few days, following a sharp drop of more than 10% triggered by the recent escalation in the Israel-Iran conflict.
If Solana manages to break through the $150 resistance, it could trigger a recovery toward the $163 and $168 levels, with further upside potential if bullish momentum builds.
However, if the correction resumes, downside pressure may push the price back toward the $141 support zone.
The EMA setup suggests that any rally attempts may face strong resistance until short-term averages start curving upward and crossing over long-term ones.
