Analyst: Strategy's transfer of BTC is a normal internal transfer between Fidelity custodial addresses.

TechFlow reports on September 29 that Arkham analyst Emmett Gallic clarified that the previously on-chain detected transfer of 3,568 BTC ($297 million) by Strategy was neither sold nor moved to other platforms, but rather constituted normal fund reallocation within Fidelity's custody system. Fidelity treats customer-deposited BTC as fungible assets and reallocates funds between different addresses as needed, with these related addresses already labeled on Arkham as “Fidelity” custody addresses.

Earlier report: Strategy transferred out 3,568 BTC over the past 9 hours, valued at approximately $297 million.