Bitcoin Jesus Resurfaces? $8.6B Whale Move Ignites Crypto Whodunit

A seismic $8.6 billion Bitcoin transfer just rocked the blockchain—and the crypto world is scrambling to connect the dots. Was it a long-dormant whale awakening? A shadowy institution repositioning? Or—as the rumor mill suggests—the return of Bitcoin's most infamous evangelist?

The Lazarus wallet hypothesis

On-chain sleuths are dissecting the transaction like a forensic team, tracing its path through obfuscated addresses. The timing reeks of market manipulation—just as BTC tests resistance levels unseen since the 2024 halving frenzy.

Meanwhile, traditional finance pundits are clutching their pearls. 'This is why we need regulation,' huffs one Wall Street analyst between sips of $28 artisanal coffee. Never mind that their own dark pools handle double this amount before breakfast.

One thing's certain: when moves this big happen in crypto's wild west, the only certainty is volatility. Buckle up.

TLDR

• A dormant Bitcoin whale moved 80,000 BTC worth $8.6 billion after 14 years of inactivity on July 5, 2025
• Arkham Intelligence says this appears to be a wallet upgrade from legacy addresses to newer SegWit format, not a sell-off
• The coins were originally mined in 2011 and obtained through Coinbase mining rewards
• Speculation points to Roger Ver (“Bitcoin Jesus”) or early miner ArtForz as potential owners
• Bitcoin price dipped to around $107,000 but remains above $100,000 showing market resilience

A long-dormant Bitcoin whale has made headlines after transferring 80,000 BTC worth approximately $8.6 billion on July 5, 2025. The massive movement marks the first activity from these wallets in over 14 years.

Blockchain intelligence firm Arkham Intelligence tracked the transfers, which occurred in eight separate batches of 10,000 BTC each. The transactions were completed within hours and involved coins that had remained untouched since they were first deposited in April and May 2011.

BILLIONAIRE bitcoin WHALE UPDATE

Yesterday’s $8 billion transfers were possibly related to address upgrades, moving from 1- addresses to bc1q- addresses.

There are no indications that this whale is selling Bitcoin. pic.twitter.com/wdK4Ppkv0J

— Arkham (@arkham) July 5, 2025

The timing of the transfer initially raised concerns about a potential market sell-off. However, Arkham quickly clarified that there are no indications the whale intends to sell the Bitcoin.

The firm believes the transfers were likely related to a wallet upgrade. The Bitcoin was moved from legacy “1-” addresses to newer “bc1q-” Native SegWit addresses, which offer improved security and lower transaction fees.

All 80,000 coins were originally obtained through Coinbase mining rewards in 2011. This means they were earned by mining new blocks during Bitcoin’s early years when the cryptocurrency was worth less than $1.

Market Impact and Price Movement

Bitcoin’s price showed some volatility following the whale activity. The cryptocurrency had been trading in bullish territory above $108,000 before the transfers were detected.

After news of the movement spread, Bitcoin dipped to around $107,000. However, the price has remained above the psychologically important $100,000 level.

Technical indicators like the RSI and MACD remain above neutral levels. This suggests that bullish momentum still outweighs bearish pressure despite the temporary pullback.

On-chain data reveals increased activity from long-term holders who have held Bitcoin for over a year. Many of these early adopters appear to be taking profits after Bitcoin crossed $100,000 in 2025.

The resilience of Bitcoin’s price above $100,000 despite the whale activity indicates strong institutional demand. This suggests the market is in a healthy phase of wealth redistribution from early adopters to new institutional players.

Identity Speculation

The crypto community has been actively speculating about the whale’s identity. Two main theories have emerged about who might control these massive Bitcoin holdings.

The first theory centers on Roger Ver, known as “Bitcoin Jesus” for his early advocacy of the cryptocurrency. Ver became one of Bitcoin’s most prominent evangelists after entering the space in early 2011.

The timing aligns with Ver’s involvement in Bitcoin, as the coins remained untouched since May 2011. Ver was recently released on bail from a Spanish prison in early June, just weeks before the wallet activity was detected.

Another theory points to ArtForz, an early Bitcoin miner who commanded up to 25% of Bitcoin’s total hashrate in 2010. ArtForz reportedly mined over 400,000 BTC using GPU technology during Bitcoin’s early days.

The fact that these 80,000 coins originated from GPU mining rewards supports the ArtForz theory. Early miners like ArtForz accumulated large amounts of Bitcoin when it was still possible to mine profitably with graphics cards.

Blockchain research firm 10x Research noted that while there’s no direct evidence the funds are being prepared for sale, early Bitcoin holders have been gradually distributing their holdings. This distribution often coincides with growing demand from Bitcoin ETFs and corporate treasuries.

Coinbase’s head of product, Conor Grogan, raised a more concerning possibility. He suggested there’s a slight chance the transfers could be the result of a hack, which WOULD make it the largest robbery in human history if true.

If true (again, I'm speculating on straws here), this would be by far the largest heist in human history

— Conor (@jconorgrogan) July 4, 2025

The transfers have attracted attention from other crypto industry figures. Former Binance CEO Changpeng “CZ” Zhao joked about getting into crypto “too late” after seeing the 2011 whales casually moving Bitcoin they obtained for $0.1.

The whale’s Bitcoin is now stored in eight new wallets and hasn’t been moved since the initial transfers on July 5.