Strategy's $297M BTC Transfer: Internal Move or Sale?

Strategy, led by Michael Saylor, recently moved 3,568 BTC worth approximately $297 million out of its wallets within nine hours.

The transfers were flagged by Lookonchain, which wondered if Strategy was 'dumping BTC again' or just moving funds between wallets.

However, Arkham analyst Emmett Gallic clarified that the transactions were internal Fidelity custody transfers, not sales or transfers to an outside counterparty.

Fidelity treats client Bitcoin as fungible within its custody system and can shift assets between internal addresses as needed.