Three whales move nearly $500M in Bitcoin to Coinbase Prime overnight

Blockchain analytics firm Lookonchain tracked these three large deposits, noting the transfers into Coinbase Prime roughly six hours before its October 28 report. These transactions involved distinct wallets, approaching half a billion dollars in combined value.

The movements happened as Bitcoin traded near $80,800, following a period of weakness that had previously pushed the crypto below $80,000 earlier in the week. Lookonchain identified the deposits using blockchain data, referencing screenshots from Arkham Intelligence showing transfers to Coinbase Prime deposit wallets.

Coinbase Prime functions as Coinbase's institutional platform, offering services like custody and trading for large holders and institutional investors. While large exchange deposits often signal potential selling, Coinbase Prime's services allow for purposes such as portfolio management or moving between custody arrangements.

This activity follows another notable influx earlier this week; on October 27, Lookonchain reported two whales deposited 2,571 BTC, worth approximately $206.52 million, into Coinbase Prime after being inactive for nearly three years.

Separately, Arkham Intelligence noted another significant transaction on October 28, reporting a wallet starting with bc1q9 deposited 438.37 BTC, valuing at about $35.38 million, into Coinbase Prime overnight. This followed the same wallet withdrawing 615.4 BTC from Coinbase Prime Custody 16 months prior at an average price of $105,271.

That older withdrawal left the holder with an unrealized loss exceeding $15 million when Bitcoin was trading at $80,807, according to Arkham. Despite transferring 438.37 BTC, that wallet retained roughly 177.026 BTC, valued at $14.31 million at the time of the report.

More broadly, October saw numerous large Bitcoin wallet movements across institutional platforms. On October 26, 40 wallets withdrew a combined 9,458 BTC, valued at approximately $771.5 million, from market maker Wintermute.

Bitcoin’s price decline has coincided with substantial liquidations across leveraged positions and withdrawals from U.S. spot Bitcoin ETFs. Glassnode reported that profit-taking activity has slowed since September, with realized profits declining to about half their prior levels by October 21.

Investors are currently focused on the Federal Reserve's October 28 interest rate decision, the September Personal Consumption Expenditures inflation report on October 29, and a major Bitcoin options expiry scheduled for October 30.

Why it matters

Large movements of Bitcoin to institutional platforms like Coinbase Prime often signal accumulation or strategic portfolio management by major holders. These actions occur amid Bitcoin's recent price weakness, suggesting significant capital is moving into custody during a downturn. Readers should watch to see if these deposits precede any major selling activity.