Arkham Intelligence data reveals that the Ethereum was transferred from a hot wallet on Coinbase Prime to SharpLink Gaming’s address. The hot wallet’s transaction history shows regular interactions with Coinbase Prime, including deposits and transactions with other crypto addresses, featuring Ether, Shiba Inu, and Uniswap (UNI).

This recent Ethereum procurement follows SharpLink’s purchases of 16,374 ETH on Sunday and 21,487 ETH on Friday. Over the past four days, the company has acquired a total of 62,232 ETH, valued at an estimated $186.4 million at current market rates.

Initiated in late May, SharpLink’s Ethereum treasury strategy was introduced in parallel with a $425 million private placement directed by Consensys, a crypto infrastructure developer. Joseph Lubin, Consensys CEO and Ethereum co-founder, took up the role of SharpLink’s chairman. To date, SharpLink has amassed around 294,000 ETH and staked 74,464 ETH, as per EmberCN’s onchain data report.

According to The Block’s Ethereum price page, Ether rose 0.9% in the past 24 hours to $2,970. It even momentarily traded above the $3,000 mark on Monday, the first time it has done so since February 1. Meanwhile, SharpLink’s stock has seen a 10.3% increase, closing at $23.88 on Monday and marking a 78% rise within the past month, as per Google Finance data.

Disclaimer: The Block is an independent media outlet offering news, research, and data. It operates independently to deliver objective, impactful, and timely information about the crypto industry. It is not offering legal, tax, investment, financial, or other advice.

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Arkham suggests that the eight transfers, each involving 10,000 Bitcoin (BTC) from eight wallets that had been dormant for over 14 years, could be the wallet owner transitioning from the original legacy wallet to a more secure, low-fee Native SegWit address.

“Yesterday’s $8 billion transfers might be linked to address upgrades, moving from 1-addresses to bc1q-addresses,” Arkham reported. The firm also revealed that all the Bitcoin was initially deposited into the wallets on either April 2 or May 4, 2011, and remained untouched for more than 14 years. The Bitcoin is now stored in eight new wallets and hasn’t been moved since.

Meanwhile, blockchain research firm 10x Research suggests, despite no clear evidence, that large amounts of Bitcoin are gradually being offloaded into ETF and corporate treasury demand.

Interestingly, Coinbase’s Head of Product, Conor Grogan, put forward a more concerning possibility. He speculated about the slight chance of a hack causing the $8.6 billion Bitcoin transfer, suggesting it could potentially be the biggest heist in human history.

The enormous transfers have drawn the attention of the wider crypto industry. Former Binance CEO Changpeng “CZ” Zhao humorously commented, “I got into crypto too late,” after observing the 2011 whales effortlessly moving crypto they purchased for merely $0.1.

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The transfer occurred at around 8:15 p.m. ET, when a total of 11833.64 BTC, equivalent to $931.19 million, was shifted. The bulk of this amount moved to the undisclosed wallet with the address “1Pazv…R9pYj.” An additional 332 BTC was directed to Mt. Gox’s warm wallet. Both sums remain untouched, Arkham Intelligence reveals.

Historically, such Bitcoin movements have often been followed by Mt. Gox compensating creditors who suffered losses due to the exchange’s bankruptcy. This could potentially influence market prices due to increased selling pressure. However, it remains uncertain if this recent transfer is part of any future distribution plans to creditors.

According to Arkham’s data, the massive Bitcoin transfer of $900 million on Monday originated from a Mt. Gox wallet, “1Mo1n.” This wallet received $1.07 billion worth of Bitcoin from another exchange wallet just last week. Interestingly, the “1Mo1n” wallet wasn’t identified as a Mt. Gox wallet on Arkham Intelligence during last week’s fund transfer.

Established in 2010, the Tokyo-based Mt. Gox was previously the world’s largest Bitcoin exchange, handling 70% of all global Bitcoin trades in 2013. Unfortunately, a major hack in 2014 led to the loss of around 850,000 BTC, pushing the company to seek bankruptcy protection.

Starting in July 2024, Mt. Gox began repaying its creditors from its reserves of 142,000 BTC ($11 billion), 143,000 Bitcoin Cash ($47 million), and 69 billion Japanese yen ($469 million). Despite some creditors receiving repayments via Kraken and Bitstamp exchanges, Mt. Gox has delayed the repayment deadline to Oct. 31, 2025. As per Arkham data, the bankrupt exchange still possesses Bitcoin worth $2.8 billion across its wallets.

Disclaimer: The Block is an independent news platform delivering objective, impactful, and timely crypto industry information. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures also invests in other crypto entities, including Bitget, an anchor LP for Foresight Ventures. The Block operates independently to maintain its impartiality. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved.

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Now, Arkham’s users have the convenience of following the digital asset transactions of such prominent figures as crypto entrepreneur Justin Sun, Ethereum’s co-founder Vitalik Buterin, BitMEX co-founder Arthur Hayes, and even US President Donald J. Trump, among others. As of March 8, the platform had gathered over 950 addresses from more than 1,000 entities.

Prior to this, Arkham had been identifying wallet transactions from key individuals, signaling potential market impact or interesting trends. For example, in early January, Arkham monitored Buterin’s sale of approximately $2.5 million in memecoins (converted into USDC and ETH), which were transferred to his public wallet to support his biotech charity, Kanro. In May 2024, the platform flagged a digital wallet linked to Trump with a value surpassing $10 million, primarily derived from MAGA and ETH tokens.

The Arkham token, denoted as ARKM, was trading at $0.56 at 12:54 p.m. ET (17:54 UTC) on March 8, experiencing a 2.49% drop in the past 24 hours, as per The Block’s Price Page for ARKM.

Disclaimer: The Block is an autonomous media platform providing news, research, and data. As of November 2023, Foresight Ventures holds a majority stake in The Block. Foresight Ventures also invests in a range of other crypto-related companies. Bitget, a crypto exchange, is a key LP for Foresight Ventures. The Block continues to function independently, offering objective, significant, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is intended solely for informational purposes. It is not designed or meant to be used as legal, tax, investment, financial, or other advice.

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