Mysterious $8.6 Billion Bitcoin (BTC) Transaction: Is “Bitcoin Jesus” Back?

Jakarta, Pintu News – On July 5, a large transaction from a Bitcoin (BTC) wallet that had been dormant for 14 years shocked the market. A total of 80,000 BTC, worth about $8.6 billion, was moved within hours, sparking various theories and speculations among investors and analysts.

Market Drivers: Bitcoin (BTC) Big Deals

This transaction was first detected by blockchain analysts from Arkham, who noted the transfer of Bitcoin (BTC) in batches of 10,000 BTC. Despite the size, there is no indication that the owner of this wallet plans to sell the Bitcoin (BTC).

On-chain data suggests that this transaction may be part of an address update, from the old address format “1-” to the new format “bc1q-“. This relocated Bitcoin (BTC) was first mined in 2011, obtained through a Coinbase transaction which is a reward mechanism for miners who validate new blocks.

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Market Reaction to Whale Movement

The day before this big transaction, Bitcoin (BTC) was trading in a bullish zone. However, this sudden move of 80,000 BTC seems to have slightly shaken investor confidence, pushing the cryptocurrency into a bearish zone around the $107,000 mark. Currently, Bitcoin (BTC) is still within this price range. Despite the temporary price drawdown, technical indicators such as RSI and MACD remain above neutral, suggesting that the bullish momentum is still stronger than the bearish pressure on the chart.

Speculation on the Actors Behind the Transaction

The motivation behind the $8.6 billion Bitcoin (BTC) transfer remains unclear, but speculation continues to circulate about the whale’s identity. Blockchain research firm 10x Research suggests that while there is no direct evidence that the funds were moved for sale, early BTC holders may have strategically distributed their holdings to meet the growing demand from ETFs and corporate treasuries.

Some suspect that this wallet may belong to Roger Ver, who is known as “Bitcoin Jesus” and was one of the earliest Bitcoin (BTC) evangelists involved as early as 2011. The fact that these 80,000 coins came from GPU mining rewards also supports another theory that points to ArtForz, an early miner who once controlled up to 25% of the total Bitcoin (BTC) hashrate in 2010.

Conclusion: A Rare Phenomenon in the Crypto World

This large transaction provides a rare insight into the “digital vault” of some of Bitcoin’s (BTC) early participants. While the market is experiencing a bit of uncertainty, these moves demonstrate the complex and often unpredictable dynamics of the cryptocurrency market. Whether this is a sign of the return of “Bitcoin Jesus” or just a strategic maneuver by one of the early miners, only time will tell.

Also Read: Russia Launches National Register of Crypto Mining Rigs: Cryptocurrency Miners Taxed?

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Reference

• AMB Crypto. Is Bitcoin Jesus back? $8.6 billion whale transfer fuels new theories. Accessed on July 8, 2025