$87.1M
Bitwise: Physical Bitcoin ETP
bc1qupdzypaznfnps5khj3qzj862tjv5qswd6ycgvy67kg65aq4vsl4sscksrm
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Bitwise: Physical Bitcoin ETP
bc1qr6km92uthsrdhmk9dvwpfs8zth22z70fus52yzlxy4m72xc6gwnsg7wkje
Capital shifting between wallets, neutral flow change. $87.1M BTC moved from Bitwise: Physical Bitcoin ETP to Bitwise: Physical Bitcoin ETP on Bitcoin. Monitor follow-up routing to distinguish internal treasury rotation, market-maker rebalancing, bridge settlement, and true directional position change. Low priority whale flow: treat as context unless similar transfers repeat.