Three Bitcoin whales have transferred a combined 6,168 BTC worth approximately $498.5 million to Coinbase Prime at a time when Bitcoin price continues to struggle.
Summary
- Three Bitcoin whales deposited a combined 6,168 BTC worth approximately $498.5 million into Coinbase Prime overnight, according to blockchain analytics firm Lookonchain.
- Arkham Intelligence reported that another whale transferred 438.37 BTC worth $35.38 million to Coinbase Prime, 16 months after withdrawing 615.4 BTC at an average price of $105,271.
- The wallet tracked by Arkham still holds approximately 177 BTC worth $14.31 million, while its original Bitcoin position has lost more than $15 million in value.
- The large transfers occurred as Bitcoin traded near $80,800 following recent price weakness, although neither analytics firm confirmed that the deposited coins had been sold.
According to blockchain analytics firm Lookonchain, the three whales deposited the Bitcoin into Coinbase Prime roughly six hours before its October 28 report, with the transactions involving separate wallets and a combined value approaching half a billion dollars.
The transfers took place as Bitcoin traded around $80,800, following several days of price weakness that had pushed the cryptocurrency below $80,000 earlier this week.
Bitcoin whales deposit 6,168 BTC into Coinbase Prime
Lookonchain identified the three large deposits through blockchain transaction data and shared screenshots from Arkham Intelligence showing transfers to addresses labeled as Coinbase Prime deposit wallets.
The 6,168 BTC was valued at approximately $498.5 million when the transactions were flagged, although the analytics firm did not disclose the identities of the wallet owners or provide details about their intentions.
Coinbase Prime is Coinbase’s institutional platform, which offers cryptocurrency custody, trading, and other services to institutional investors and large holders.
Large transfers to exchanges often attract attention because holders can use exchange accounts to sell their assets. However, Coinbase Prime’s custody and institutional trading services mean that deposits can serve several purposes, including portfolio management and transfers between custody arrangements.
Lookonchain’s report identified the destination of the Bitcoin but did not indicate whether the three holders had subsequently sold any of their coins.
The latest activity follows another substantial movement involving previously inactive Bitcoin wallets earlier this week.
On October 27, Lookonchain reported that two whales had deposited 2,571 BTC, worth approximately $206.52 million, into Coinbase Prime after remaining inactive for roughly three years.
The two wallets reportedly transferred 986.31 BTC and 1,584.98 BTC, respectively, to the same Coinbase Prime deposit address.
At the time of those transactions, Bitcoin was trading around $80,300, placing the combined value of the transfers above $206 million.
Another Bitcoin whale transfers $35M after 16 months
Separately, Arkham Intelligence reported another large Bitcoin transfer involving a whale that had previously withdrawn hundreds of coins from Coinbase Prime custody.
In an October 28 post, Arkham said a wallet identified by the prefix bc1q9 deposited 438.37 BTC, valued at approximately $35.38 million, into Coinbase Prime overnight.
The transfer came 16 months after the same wallet withdrew 615.4 BTC from Coinbase Prime Custody at an average Bitcoin price of $105,271.
According to Arkham, Bitcoin was trading at $80,807 when it published its findings, leaving the holder with an unrealized loss of more than $15 million on the original Bitcoin position.
Despite transferring 438.37 BTC, the wallet still held approximately 177.026 BTC, worth $14.31 million at the reported market price.
The figures indicate that the holder had moved most of the Bitcoin originally withdrawn from custody while retaining a smaller balance.
Arkham did not identify the wallet owner or confirm whether the latest transfer resulted in a completed sale.
The reported $35.38 million transaction is a separate observation from Arkham. The available reports do not establish whether it was included in Lookonchain’s $498.5 million total, so the amounts cannot be treated as separate flows without accounting for possible overlap.
Bitcoin whale activity continues during market weakness
The latest deposits follow several large Bitcoin wallet movements recorded throughout October, with blockchain trackers reporting transfers both into and out of institutional trading platforms.
On October 26, crypto.news reported that 40 wallets had withdrawn a combined 9,458 BTC, valued at approximately $771.5 million, from market maker Wintermute since the beginning of the month.
Lookonchain described the withdrawals as whale accumulation, although the transactions themselves did not establish the prices paid for the Bitcoin or whether all the addresses belonged to separate investors.
Meanwhile, Bitcoin’s recent price decline has coincided with substantial withdrawals from U.S. spot Bitcoin exchange-traded funds and liquidations across leveraged cryptocurrency positions.
Bitcoin fell below $80,000 on October 26 after failing to sustain a recovery toward $85,000 during the previous week.
Institutional fund flows have remained uneven during the same period. U.S. spot Bitcoin ETFs received $524.8 million on October 21 before recording $635.6 million in outflows on October 22 and another $137.9 million on October 23.
Despite those withdrawals, the funds finished the five-session period with approximately $301.2 million in net inflows.
Blockchain analytics firm Glassnode has meanwhile reported that Bitcoin profit-taking activity has cooled since September, with the proportion of short-term holder supply sitting in profit falling from nearly 100% in late September to roughly 70%.
Glassnode said realized profits had declined to approximately half their previous levels by October 21, as Bitcoin’s correction reduced the profitability of recently acquired coins.
Investors are now awaiting the Federal Reserve’s October 28 interest rate decision, followed by the September Personal Consumption Expenditures inflation report on October 29 and a major Bitcoin options expiry scheduled for October 30.
