Bitcoin whales move nearly $500M to Coinbase Prime overnight

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. 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.

First reported by crypto.news. This page is a short excerpt; the full text is theirs.