Fidelity Clarifies Bitcoin Transfer Linked to Strategy Was Internal Movement

Fidelity Custody has clarified that a recent transfer of 3,568 Bitcoin linked to Strategy was an internal movement of funds within their system.

The transfer sparked attention after on-chain analytics firm Lookonchain reported it over nine hours, valuing the assets at approximately $297 million at the time.

On-chain analyst Emmet Gallek of Arkham stated that Fidelity does not segregate customers' deposited Bitcoin individually and instead treats them as fungible assets, moving funds between custody wallets as needed.

The wallet addresses involved in the transfer had already been labeled on the Arkham platform as belonging to Fidelity, indicating it was a routine internal movement rather than a sale or separate asset transfer.