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. 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 before fanning out. This is how the past week looked for the treasury firm: Lookonchain flagged 1,589 BTC ($130 million) going into multiple exchanges over two days. Similarly, OnchainLens counted 1,783 BTC ($146 million) leaving Hut 8 custody in a single day, and put the seven-day outflow from the intermediary at 1,966.64 BTC, or $161.26 million.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.