Hut 8 Transfers $161 Million in Bitcoin to Exchanges
- A Hut 8-linked wallet transferred 1,966 BTC worth $161 million to exchanges and OTC desks over seven days.
- Before these transfers, Hut 8 held 10,278 BTC, with about 15% of its holdings now moved.
- Transfers included significant amounts such as two transactions totaling approximately $75 million on October 15.
- The intermediary address split the BTC into tranches of between 20 to 200 BTC, typical of treasury selling patterns.
- Hut shares fell by 10.5% on October 14, amid a broader selloff in chip and AI stocks.
Hut 8’s recent activity involved moving a substantial portion of its bitcoin holdings, reflecting a shift in strategy announced earlier this year by CEO Asher Genoot. This move coincides with the company’s financial adjustments and broader market trends affecting the sector.
The transfer of $161 million in bitcoin from Hut 8’s treasury highlights the potential impact on market dynamics as corporate entities adjust their cryptocurrency strategies.()Source
