A Second Bitcoin Transfer Takes Coinbase Institutional Outflows to $104.8 Million

Bitcoin (BTC) worth $52.4 million moved from Coinbase Institutional to an unknown wallet at 6:56 a.m. ET Wednesday, Nov. 4, extending a three-transfer sequence that sent more value out of the platform than into it.

The 666 BTC outflow followed a 668 BTC transfer, also valued at $52.4 million, at 4:53 a.m. ET. The earlier outflow and the deposit that began the sequence were covered in an earlier account of the first two Coinbase Institutional transfers.

That first transfer sent 1,086 BTC worth $85.1 million from an unknown wallet to Coinbase Institutional at 4:38 a.m. ET. The two outflows totaled 1,334 BTC, valued at $104.8 million. Across all three transactions, $189.9 million moved, with $19.7 million more going out of the platform than coming in.

The three-hour window ended at 7:01 a.m. ET Wednesday. Transaction direction alone does not establish what the wallets’ owners intended to do with the Bitcoin.