The critical size seems to lay at 390393 bytes. If I remove text at the top until the file starts with "d settings (and F2) while a comparison is in progress (32/64)", the file is 390393 bytes in size and no longer detected as utf-8.
If I then add "e" at the beginning (file size 390394 bytes), the file is detected as utf-8. Moreover, it is also detected as utf-8 by the internal lister which isn't the case for the original HISTORY.TXT file.
Related seems to be the lines:
If I change the text "UTF-8" into "UTF-7"04.11.10 Added: Compare by Content: Auto-detect UTF-8-encoded xml files by tag <?xml version="1.0" encoding="UTF-8" ...
04.11.10 Added: Compare by Content: Auto-detect UTF-8-encoded html files by tag <meta http-equiv="Content-type" charset=UTF-8" ...

Is utf-8 detection working as designed? How does it work exactly?