Kit moved 80,000 BTC from 2011 for $8.6 billion

The unknown owner of more than 80,000 bitcoins ($8.6 billion at current exchange rates) has made a sudden transfer of all funds after 14 years of inactivity. According to Lookonchain, eight 10,000 BTC wallets were emptied, the last of which was activated on June 22.

As Coinbase Chief Product Officer Conor Grogan noted, it is likely an early miner who activated rewards for 180 blocks mined in 2011. He added that identical signs point to a single owner, although it is possible that BTC could have changed owners over the years.

At its peak, the whale allegedly controlled up to 200,000 BTC – about $22 billion today. The first address received dates back to April 3, 2011, when bitcoin was worth $0.78. Back then, those 80,000 BTC were valued at just $62,400 – an increase of more than 139,000%.

So far, there is no indication that the funds have reached the exchanges. This could mean that the owner has no plans to sell BTC or is cautious about unloading the asset. It is also unclear why the funds were distributed across eight wallets, but this practice may be used to improve security.