More than 230000 BTC are moving in a concentrated manner, and analysts say there are no signs of them flowing into the exchange yet According to a report by Golden Finance on October 23rd, analyst Darkfost stated that the largest Bitcoin UTXO spending activity on the chain since 2026 has occurred, with a cumulative spending amount of over 21 billion US dollars for a single UTXO worth over 1 million US dollars, involving over 230000 BTC, and the related operations are likely to come from the same entity. Among them, most UTXOs have been dormant for 1 to 6 months, and approximately $4.6 billion comes from long-term holders (LTH) with a holding period of 1 to 3 years. Darkfost pointed out that these bitcoins may have mainly been transferred between different addresses, and there is currently no obvious sign of them flowing to the exchange, so it cannot be used to judge large-scale selling; If the destruction of relevant UTXOs corresponds to realized profits or losses in the future, there may be significant changes in the realized profit and loss indicators on the chain.