Over 230,000 BTC Transferred On-Chain, Reaching Highest Volume Since 2026

An unprecedented Bitcoin UTXO spending activity has emerged on-chain, involving over 230,000 BTC valued at more than $21 billion. A single UTXO worth over $1 million has been concentrated in spending, likely originating from the same entity. Most of the related Bitcoins had been dormant for 1 to 6 months, with approximately $4.6 billion coming from long-term holders who had held for 1 to 3 years. Analysts point out that this activity is more likely a transfer of assets between different addresses by the same entity rather than a direct sell-off, as no similar surge in exchange-related UTXO spending has been observed. The spending of UTXOs does not necessarily imply asset sales, and the actual impact still needs to be assessed in conjunction with subsequent on-chain flows.

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