Bitcoin Whales Dump Nearly $500M Into Coinbase Overnight
By Damilola Esebame
AI summary of the source article
Three Bitcoin whales transferred 6,168 BTC worth roughly $498.5 million to Coinbase Prime overnight. Along with deposits from previously dormant wallets, total exchange-bound Bitcoin inflows exceeded $705 million over a 48-hour period.
Why it matters
Market participants typically interpret large exchange deposits as preparation for institutional-size sell orders, though Coinbase Prime also serves as a custody venue for funds entering over-the-counter desks and structured products, which means the deposits do not automatically confirm liquidation intent.
Key facts
- Three wallets sent 6,168 BTC valued at roughly $498.5 million to Coinbase Prime while Bitcoin traded near $80,800.
- Total exchange-bound Bitcoin inflows exceeded $705 million over 48 hours following deposits from dormant wallets.
- Short-term Bitcoin holder supply in profit decreased to about 70% from almost 100% in late September.
Source excerpt · FinanceFeeds
Three Bitcoin whales transferred 6,168 BTC worth roughly $498.5 million to Coinbase Prime in a single overnight session, blockchain tracker Lookonchain reported on October 28. The coordinated deposits come as the broader market digests mixed signals from institutional fund flows and cooling on-chain profit-taking activity. Three Wallets Move 6,168 BTC Overnight The three wallets transferred their…