More than 230,000 BTC moved on-chain on October 23 in the largest burst of large-UTXO spending so far in 2026, according to on-chain analyst Darkfost. Spending of UTXOs individually worth more than $1 million exceeded $21 billion, and the activity likely came from a single entity. Most of the coins had been dormant for one to six months, while about $4.6 billion came from long-term holders who had held for one to three years.