Three large Bitcoin holders moved a total of 6168 BTC to Coinbase Prime, which amounts to approximately $498.5 million, while the price of Bitcoin continues to struggle.
According to blockchain analytics firm Lookonchain, three large players deposited Bitcoin to a Coinbase Prime account approximately six hours before the report was published on October 28. The transactions involved separate wallets, with the total amount coming to around half a billion dollars.
The transfers took place while Bitcoin was trading around $80800, after several days of price declines during which the cryptocurrency dropped below $80000 earlier this week.
Bitcoin whales deposited 6168 BTC to a Coinbase Prime account
Lookonchain identified the three large deposits based on blockchain transaction data and provided screenshots from Arkham Intelligence showing transfers to addresses labeled as Coinbase Prime deposit wallets.
The value of the 6168 BTC at the time the transactions were discovered was estimated at approximately $498.5 million, although the analytics firm did not reveal the identities of the wallet owners or provide details about their intentions.
Coinbase Prime is Coinbase’s institutional platform, offering custody, trading and other services to institutional investors and large cryptocurrency holders.
Large transfers to exchanges often attract attention, as holders may use exchange accounts to sell their assets. However, Coinbase Prime’s custody and institutional trading services allow deposits to be used for various purposes, including portfolio management and transfers between custody accounts.
The Lookonchain report indicated where the Bitcoin was sent, but did not report whether the three holders subsequently sold any of their coins.
This latest activity followed another significant movement of funds into previously dormant Bitcoin wallets that occurred earlier this week.
On October 27, Lookonchain reported that two large players deposited 2571 BTC, worth approximately $206.52 million, to a Coinbase Prime account after a roughly three-year period of inactivity.
According to available data, 986.31 BTC and 1584.98 BTC were transferred from two wallets to the same Coinbase Prime funding address, respectively.
At the time of these transactions, Bitcoin was trading at approximately $80300, allowing the total value of the transfers to be estimated at more than $206 million.
