Two Bitcoin wallets that had been dormant since 2023 suddenly awoke to transfer 2,571 BTC — around $206.5 million — to the institutional platform Coinbase Prime. The transaction was carried out just three minutes apart: the first address emptied 986.31 BTC and the second sent 1,584.98 BTC to the same deposit account, indicating that both wallets likely belong to a single entity that accumulated these assets at an estimated cost of $60 million.
The move consolidates an unrealized profit of nearly $146 million (a 3.4x return) just as Bitcoin struggles to stay above the psychological $80,000 threshold. The transfer also coincided with another transaction tracked by Whale Alert involving 1,847 BTC ($148.3 million) sent to Coinbase Institutional, totaling over $350 million in institutional inflows on a day shaped by 53 consecutive days of negative Coinbase premium in the spot market.
While an inflow into a qualified custody service like Coinbase Prime does not necessarily equate to an immediate open-book sell-off, traders will be monitoring whether these volumes are funneled through over-the-counter (OTC) desks or add to selling pressure in the short term.
Source: https://mempool.space/tx/8b9011e0f25e2afbfd1c73bb76cbb46a33445f914a788597a493014d9507ab7c
Source: https://mempool.space/tx/532278727b9830745149dbe85cac7c62b71850d7130f1967fedc20a4befef477
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