A wallet linked to Hut 8 deposited 1,589 bitcoin, valued at approximately $130 million, into multiple exchanges over two days, according to Lookonchain. The on-chain analyst flagged the transfers on October 16, suggesting the company may be preparing to sell part of its Bitcoin holdings.
The alert links to an Arkham address as evidence for the wallet activity. Exchange deposits can signal potential selling, but the transfers alone do not establish that trades were executed, what proceeds were received or whether Hut 8’s ownership of the coins changed.
Bitcoin treasury company Hut 8 (@Hut8Corp), which holds 10,278 $BTC ($845.6M), appears to be selling $BTC.
A wallet linked to Hut 8 deposited 1,589 $BTC ($130M) into multiple exchanges over the past 2 days.https://t.co/4U7lv4diD5 pic.twitter.com/xR85T6TpDw
— Lookonchain (@lookonchain) October 16, 2026
Lookonchain cited holdings of 10,278 BTC worth $845.6 million, but that should not be treated as a verified current balance. Hut 8’s June 30 quarterly filing reported approximately 9,314 BTC at Hut 8 and 8,002 BTC at American Bitcoin, totaling 17,316 BTC on a consolidated basis.
That filing also identified Bitcoin holdings among the group’s liquidity sources and said data-center development could be funded with cash, Bitcoin and project financing. Those disclosures provide context for treasury management; they do not identify the purpose of the newly reported exchange deposits.
The report follows a separate MARA wallet transfer covered by CoinScreamer on October 9, involving 996.105 BTC and a transaction listing Galaxy Digital among its recipients. In both cases, attributed wallet movements warrant distinguishing potential disposals from company-confirmed sales and updated treasury balances.
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