According to CoinMeta, on-chain analyst Darkfost indicated that the Bitcoin network has seen the largest large-scale UTXO spending activity since 2026. A single transaction worth over $1 million ($BJWKEEP_00003__) involved an amount of more than $21 billion and over 230,000 BTC. It is likely that this was mainly carried out by the same entity. Most of these UTXO had been held for 1 to 6 months prior to the transaction, with another approximately $4.6 billion coming from long-term holders. Darkfost pointed out that the related funds may merely represent transfers between addresses, and no surge in inflows into exchanges has been observed yet, so it cannot be determined as a large-scale sell-off at this time.