A wallet linked to Hut 8 sending approximately $130 million worth of Bitcoin to exchanges over two days has prompted speculation that the company may have started selling.
On-chain data platform Lookonchain reported that a wallet linked to Bitcoin treasury company Hut 8 deposited a total of 1.589 BTC to multiple cryptocurrency exchanges over the past two days. The platform interpreted the move as a possible Bitcoin sale.
The transfer amounts to about 15% of the Bitcoin reserves
The post said Hut 8 holds 10.278 BTC, worth approximately 845,6 million dollars. The amount sent to exchanges represents about 15% of the reported reserves. What made the transfer notable was not just its dollar value, but also its scale relative to the company’s Bitcoin holdings.
While the possibility that the Bitcoin moved to exchanges is being prepared for sale has come to the fore, Lookonchain’s finding is based on wallet movements; the post does not confirm that the transactions resulted in a sale.
Not investment advice.