According to on-chain monitoring data, around 05:38 Beijing time, a notable BTC transfer occurred. An anonymous address sent out 109.93 BTC to another anonymous address, valued at approximately $10.08 million based on the price at that time. This transfer alone is quite significant, but what’s more interesting is the subsequent movement. The address immediately moved 1.449985 BTC to GSR Markets, a well-known crypto market maker. This pattern of large BTC transfers to institutions typically indicates possible OTC transactions or institutional asset allocation adjustments. Such large on-chain transfers often become focal points for market participants, especially when the recipient is a clearly identified institution, which can more easily trigger thoughts about market liquidity and capital flows.