Bitcoin tests $63K support as institutions move $278.66M in BTC

Bitcoin traded near $63,736, down 0.32% in 24 hours, as Metaplanet and Hut 8 moved 4,374 BTC worth $278.66 million without exchange deposits.

Lookonchain reported that Metaplanet transferred 3,881 BTC worth $247.3 million, while Hut 8 moved 493 BTC valued at $31.36 million. Neither transfer reached an exchange wallet, pointing to internal reorganization rather than immediate selling.

Metaplanet has not sold Bitcoin in 2025 or 2026, raising its holdings to 43,000 BTC worth $2.74 billion at an average cost of $96,191. Its aggregate cost basis stands at $4.136 billion, leaving the treasury down $1.4 billion, or 34 percent, as Bitcoin's extended weakness persists.

The transfers appear neutral for now, but broader institutional flows are not. Checkonchain's Capital Rotation shows a $5.05 billion outflow from Bitcoin, with stablecoins losing another $1.5 billion, while the Coinbase Premium Index has stayed negative for months, according to CryptoQuant.

Treasury transfers stop short of exchanges

Metaplanet's 3,881 BTC transfer, worth $247.3 million, remained an outflow but never hit an exchange address. The firm has accumulated its 43,000 BTC position without a single sale in 2025 or 2026, even as its holdings fell $1.4 billion below the $4.136 billion it paid.

Hut 8's 493 BTC move, valued at $31.36 million, marks its first large transfer since November 2025, when it last sold Bitcoin. Combined, the two treasury firms shifted $278.66 million in BTC without adding to exchange supply.

Exchange deposits would change the outlook by introducing potential market supply. Until then, the transfers read as custody or treasury restructuring rather than distribution.

Institutional outflows pressure the $63K level

The neutral read on Metaplanet and Hut 8 contrasts with selling elsewhere. Empery Digital cut its Bitcoin holdings by 76 percent, AMBCrypto reported, and the Coinbase Premium Index has remained negative for months, a sign of sustained institutional selling pressure.

Checkonchain's Capital Rotation metric shows $5.05 billion flowing out of Bitcoin, with stablecoins shedding another $1.5 billion. A negative reading means traders have pulled capital from Bitcoin into other assets, a historically bearish signal for the market.

If institutions keep moving assets out, Bitcoin could extend its current bearish structure and test the $63K support more aggressively. A break below that level would open the door to further downside, while a hold could set up a retest of the $65.4K rejection zone.

This article is for informational purposes only and does not constitute investment advice.