Three Bitcoin Whales Transferred 6,168 BTC to Coinbase Prime

Three Bitcoin whales transferred a total of 6,168 BTC worth approximately $498.5 million to Coinbase Prime. According to Lookonchain, the deposits were made about six hours before the report was published on October 28; the transactions came from different wallets and coincided with a period when Bitcoin was trading around $80,800 after several days of weakness.

Coinbase Prime is Coinbase's institutional platform with custodial storage and trading for large holders, so the deposit may not only indicate a sale but also portfolio management or transfer between storage schemes. Lookonchain did not disclose the identities of the owners or confirm their intentions, nor whether they sold the coins.

Earlier, on October 27, two whales deposited 2,571 BTC worth about $206.52 million to Coinbase Prime after approximately three years of inactivity: 986.31 BTC and 1,584.98 BTC to one deposit address. At that time, Bitcoin was worth about $80,300.

Separately, Arkham Intelligence reported on October 28 about the transfer of 438.37 BTC worth $35.38 million from wallet bc1q9, 16 months after withdrawing 615.4 BTC from Coinbase Prime Custody at an average price of $105,271. At the price of $80,807, the unrealized loss on the original position exceeded $15 million, and about 177.026 BTC worth $14.31 million remained in the wallet. The sale is not confirmed. It is not established whether this transaction is included in Lookonchain's $498.5 million total, so flows should not be summed up.

The price decline coincided with outflows from U.S. spot ETFs and liquidations of leveraged positions. Glassnode reported that the share of short-term holders in profit fell from nearly 100% at the end of September to about 70%. Investors are awaiting the Fed's decision on October 28, the PCE report on October 29, and options expiration on October 30.