Analyst: Strategy's transfer of BTC is a normal internal transfer between Fidelity custodial addresses.

In response to previous on-chain monitoring showing Strategy transferring out 3,568 BTC ($297 million), Arkham analyst Emmett Gallic clarified that the involved BTC was neither sold nor transferred to an external platform, but rather constitutes routine fund transfers within Fidelity's custody system. Fidelity treats client-deposited BTC as fungible assets and reallocates funds across different addresses as needed; these addresses are already labeled as "Fidelity" custody addresses on Arkham.