18JMpTroW5rK4aTv2D57sjLihDUcU2iCVt did not fan out, it moved one 25 BTC P2PKH UTXO to bc1q, then three blocks later swept it again to 135PzkbVa5BdxsU8pcNG4ApwiEJbt5139Z, paying 921 sats total. No split, no peel chain, no obvious exchange deposit pattern, so this reads like custody reshuffle more than distribution. Old-coin churn has been live for a while: Onchain School counted 62,800 BTC aged 7+ years spent in Q1 2025 versus 28,000 BTC in Q1 2024.

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