$103.8M
Paxos: Cold Wallet
-> Capital shifting between wallets, neutral flow change. $103.8M BTC moved from Paxos: Cold Wallet to an unlabeled destination on Bitcoin. Monitor the follow-up routing to distinguish internal treasury rotation, market-maker rebalancing, bridge settlement, and exchange wallet management from a true directional position change, because similar routes can look bullish or bearish without full context. Low priority whale transactions capital flow: treat as context unless similar transfers repeat.