Hut 8-linked wallet sends 1,966 BTC worth $161m to exchanges

Key points

• OnchainLens put the seven-day outflow at 1,966.64 BTC, or $161m, from an intermediary address
• Hut 8 held 10,278 BTC, about $846m, before the transfers began, according to Lookonchain
• HUT shares fell 10.5% on 14 Oct from $83.61 to $74.87, then bounced to $76.09 on 15 Oct

A wallet linked to Hut 8 sent 1,966 BTC worth $161m to exchanges, over-the-counter desks and other venues in seven days, according to onchain analysts cited by Bitcoin.com News.

Onchain Lens counted 1,783 BTC, about $146m, leaving Hut 8 custody in a single day, while Lookonchain flagged 1,589 BTC, or $130m, going into multiple exchanges over two days. The intermediary split the coins into tranches of 20 to 200 BTC and held less than 0.005 BTC by 16 Oct. Hut 8 has not issued a statement on the moves, and onchain data cannot prove a sale, since coins sent to a venue could be collateral, a hedge or an internal transfer.

Chief Executive Asher Genoot said in August that the company's Bitcoin exposure would shift mainly to American Bitcoin. That quarter brought a $177m net loss, including $139m in unrealised digital asset losses, and Hut 8 has since signed a $9.8bn lease for an AI data centre campus in Texas.

What to watch: The article says the question for next week is whether the next transfer comes from the same custody wallets or whether Hut 8 has sent what it planned to send.

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