Three Bitcoin whales moved a combined 6,168 BTC, worth approximately $498.5 million, into Coinbase Prime overnight. Bitcoin traded near $80,800 after several days of weakness, and neither analytics firm confirmed the coins were sold.
Three Bitcoin whales deposited a combined 6,168 BTC worth approximately $498.5 million into Coinbase Prime overnight, according to blockchain analytics firm Lookonchain. The transfers came from separate wallets roughly six hours before Lookonchain's October 28 report.
Bitcoin traded around $80,800 at the time, after several days of weakness had pushed it below $80,000 earlier this week.
Deposits reach Coinbase Prime again
Lookonchain did not disclose who owns the wallets or what the holders intend to do. Neither analytics firm confirmed that any of the whales sold the deposited coins.
The activity follows another round of deposits. On October 27, Lookonchain reported two whales depositing 2,571 BTC, worth approximately $206.52 million, into Coinbase Prime after roughly three years of inactivity.
Arkham tracks a $35M transfer after 16 months
Separately, Arkham Intelligence said a wallet with the prefix bc1q9 deposited 438.37 BTC, valued at approximately $35.38 million, into Coinbase Prime overnight. The same wallet had withdrawn 615.4 BTC from Coinbase Prime Custody 16 months earlier at an average price of $105,271.
With Bitcoin at $80,807, Arkham put the holder's unrealized loss on the original position at more than $15 million. The wallet still held approximately 177.026 BTC, worth $14.31 million. Arkham did not confirm whether the latest transfer resulted in a completed sale.
The available reports do not establish whether the $35.38 million was included in Lookonchain's $498.5 million total.
Traders wait on the Fed
Bitcoin fell below $80,000 on October 26 after failing to sustain a recovery toward $85,000 the previous week. U.S. spot Bitcoin ETFs recorded $635.6 million in outflows on October 22, yet finished the five-session period with approximately $301.2 million in net inflows.
Investors now await the Federal Reserve's October 28 interest rate decision, the September PCE inflation report on October 29 and a major Bitcoin options expiry on October 30.
Source: crypto.news
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