Hack, Government Agreement or Upgrade? $8.6 Billion Bitcoin Transfer Theories Ignite

A massive Bitcoin transfer containing 8.6 billion Dollar worth of BTC spread across eight wallets that have not been touched for more than 14 years has created a wave of speculation in the cryptocurrency community.
On July 4th, 80,009 BTC was transferred. This raised concerns about potential market impact, the possibility of an agreement with the government, or even a hack.
Arkham: 8.6 Billion Dollar Bitcoin Transfer Wallet Update
The on-chain analysis firm Arkham Intelligence believes that the transfer was likely triggered by a wallet upgrade, not a liquidation.
Arkham, in a statement made on July 5, rejected the sales speculation and stated that assets had been moved from the old 1- addresses to the modern bc1q- SegWit addresses. This transition increases transaction efficiency and reduces network fees.
The coins in question were initially invested between April and May 2011, during a period when Bitcoin was still trading below 1 Dollar.
Now, after more than a decade, Arkham sees the distribution of funds across eight wallets as a technical reorganization, not as market movement.
In particular, the price of Bitcoin remained stable after the transfers, which supports Arkham's commentary.
Other Theories Related to Transactions
While Arkham points to an innocent explanation, others in the industry have put forward more provocative possibilities.