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According to Arkham analyst Emmett Gallic's post on X, after further analysis, he believes that the recent transfer of approximately 3,720 BTC from an Anchorage Digital custodial cold address to an Anchorage Digital internal address is more likely related to Strategy. He stated that the relevant addresses were primarily funded between July 2025 and January 2026; approximately 1,700 BTC remain in the Anchorage internal address, while the rest have been transferred to external counterparties such as Galaxy and Coinbase Deposits over the past 3 to 4 days. Emmett said that Anchorage does not have many known large clients, and Strategy is one of its largest clients, but this judgment is still based on on-chain fund behavior analysis and has not yet been officially confirmed by Strategy or Anchorage.