Analyst Darkfost: Over 230,000 BTC have been transferred on-chain, reaching a new high since 2026

Analyst Darkfost stated that the largest Bitcoin UTXO spending activity since 2026 has occurred on-chain, with individual UTXOs worth over $1 million accumulating a total spending amount of over $21 billion, involving more than 230,000 BTC. The related operations are likely from the same entity.

Most of these UTXOs had been dormant for 1 to 6 months, with approximately $4.6 billion coming from long-term holders (LTH) who have held for 1 to 3 years. Darkfost pointed out that these Bitcoins are likely being transferred between different addresses, and there are currently no obvious signs of them flowing to exchanges, so it cannot be concluded that there is a large-scale sell-off. If the destruction of the related UTXOs corresponds to realized profits or losses, the on-chain realized profit and loss indicators may show significant changes.