Within 9 hours, over 3,568 bitcoins, valued at approximately $297 million, were transferred out of wallets associated with Strategy, a company under Michael Saylor (Michael Saylor), sparking a new round of speculation regarding the company's sale of bitcoins.

These transfers were first marked by Lookonchain. Lookonchain raised questions: Is Strategy "selling off BTC again", or is it merely transferring funds between different wallets? This distinction is particularly important because after years of mostly buying and hardly selling, Strategy has become a more active seller this year.

However, this panic did not last for too long.

Analyst Emmett Gallic subsequently stated that these transactions were internal transfers within the Fidelity custody infrastructure, and were neither sales nor transfers to external counterparties. According to his analysis, Fidelity treats customers' Bitcoin as interchangeable assets within the custody system, therefore it is possible to move assets between internal addresses as needed.

Why does this transfer seem more important than it actually is?

Large withdrawals from wallets are often interpreted as potential selling pressure, especially when the sender is one of the world's largest corporate Bitcoin holders.

And Strategy also gives investors more reasons to closely monitor such capital movements.

This summer, the company sold 6,916 bitcoins and then re-established some of its positions. This marks a significant change in its strategy, as it no longer continues Michael Saylor's medium- to long-term Bitcoin approach of "only increasing holdings, never reducing them."

Earlier this year, Strategy also completed its first sale of Bitcoin since 2022, selling 32 Bitcoins, stating that this was part of its evolving capital management strategy.

For this reason, the transfer of $297 million on Tuesday immediately became particularly sensitive.

Strategy continues to increase its holdings of Bitcoin

The signals conveyed in the latest official documents are precisely the opposite of the direction of "massive asset disposal."

According to Strategy, from September 21st to September 27th, the company purchased an additional 1,665 bitcoins, for a total amount of 142.7 million US dollars, at an average purchase price of 85,681 US dollars per coin. As a result, its holdings of bitcoins increased to 847,666 coins, with a total purchase cost of approximately 63.95 billion US dollars, and an average cost of 75,437 US dollars per coin.

However, the company's capital strategy has indeed become more flexible. Saylor previously stated that Strategy can sell a small amount of Bitcoin while still maintaining a net position of increase over a certain period of time.