U.Today – Over the past few days, there have been unexplained gigantic transfers of (BTC) from one unknown wallet to another. The latest episode of this unexplained activity is the transfer of $1 billion in Bitcoin from several unknown addresses to brand modern wallets in batches of exactly 2,000 BTC.
It is not known what is the reason for this, what the purpose is, or who is behind these addresses.
However, one emerging clue is that – thanks to data from Arkham Intelligence – one of the sender addresses may belong to Fidelity Custody, a cryptocurrency custodian for one of the world’s largest hedge funds, with assets under management worth around $5.4 trillion.
This year, Fidelity added its own bitcoin ETF, FBTC, to its asset-based portfolio.
Fidelity and Bitcoin
The crypto hedge fund custodian, if the data is to be believed, now has 287,153 BTC worth $18.35 billion and 287,064 ETH worth $753.91 million. It is significant to clarify that these funds include MicroStrategy, Fidelity FBTC ETF, and Fidelity FETH ETF, which are clients of this custodian.
Are these transfers some kind of internal operation to organize wallets, or is there something more behind them?
This is an open question and we should not rule anything out. In recent days, FBTC has seen more inflows than outflows.
Perhaps the $1 billion movement of Bitcoin between addresses is confirmation that a modern period of positive flows into Bitcoin ETFs has been in the works for some time, and therefore, demand for the cryptocurrency. Demand is obviously favorable for the price of BTC, which is frozen at 16.5% of its all-time high.
