On-chain data shows that recently 250 Bitcoins were transferred from an anonymous address, routed through intermediaries, and ultimately flowed into BitGo. Such large transfers often attract market attention.

From a transaction perspective, large operations from anonymous addresses are usually accompanied by uncertainty. What is even more concerning is that some funds are flowing into custodial platforms like BitGo — which could indicate upcoming liquidity preparations. Once large holders have selling intentions, exchanges and custodial platforms often become the first to position.

In the short term, these signals indeed increase the market's bearish pressure expectations. However, it is worth noting that every move by major whales in the Bitcoin market is closely monitored — large transfers can sometimes trigger reverse operations from counterparties. The trends of mainstream assets like Ethereum, SOL, and others are also worth paying attention to, as they often follow Bitcoin’s market sentiment fluctuations.