Hut 8 Funnels $161 Million in Bitcoin to Exchanges
A wallet tied to Hut 8 has pushed nearly 2,000 BTC toward exchanges and trading desks in seven days, emptying itself by early Friday. Following the Coins The trail starts in custody, and Arkham labelled the source addresses as Hut 8’s Coinbase Prime custody wallets. From there, the coins hopped to a single intermediary address […]
Hut 8 moved nearly 2,000 BTC, worth about $161 million, from its Coinbase Prime custody wallets to exchanges and trading desks over seven days, emptying the wallet by early Friday. The transfers were traced by Arkham Intelligence, which labeled the source addresses as belonging to the bitcoin miner. Traders often interpret large miner deposits to exchanges as a precursor to selling, which could add short-term supply pressure on BTC.
