Saylor's Strategy Moves 3,568 BTC in 'Normal Movements' Within Fidelity Custody

Michael Saylor's Strategy has been making headlines after onchain trackers reported that 3,568 BTC left linked wallets over nine hours. However, Arkham analyst Emmett Gallic clarified that this was not a sale of Strategy's BTC, but rather normal movements within Fidelity Custody.

The transfers were labeled as 'Strategy' due to Fidelity's practice of pooling client bitcoin deposits, which are then moved as needed. This can result in the appearance of coins leaving or entering wallets, even if the owner remains the same.

The news may have caused some concern among traders, given Strategy's previous announcement of a BTC Monetization Program that allows it to sell up to $1.25 billion worth of bitcoin. The company had also sold 3,588 BTC in June and July at an average price of around $60,000.

However, Strategy still holds a significant stash of 847,666 BTC, acquired for an average cost of $75,437 per coin. This works out to a paper gain of about $6.5 billion, given bitcoin's current price near $83,800.