Analyst: Over 230000 BTC undergo on chain transfer, reaching a new high in scale since 2026 Analyst Darkfost stated in a post that the largest Bitcoin UTXO spending activity since 2026 has occurred on the chain, worth over $21 billion and involving over 230000 BTC. Among them, UTXOs with a single value exceeding $1 million are centrally disbursed, and the related operations are likely to come from the same entity. Divided by UTXO holding time, most related bitcoins have been dormant for 1 to 6 months, with an additional $4.6 billion coming from long-term holders (LTH) who have held them for 1 to 3 years. Darkfost pointed out that this activity is more likely to be a transfer of assets between different addresses by the same entity, rather than a direct sale, as a similar scale surge in UTXO expenditures related to exchanges has not yet been observed. However, the expenditure of UTXO does not necessarily mean the sale of assets, and its actual impact still needs to be judged based on the subsequent on chain flow.