1,500 Bitcoin Transfer Leads $299.6 Million in Three-Hour Whale Moves

Four large crypto transfers totaling $299.6 million took place in the three hours ending 10:05 a.m. ET Thursday, Nov. 12, as more value moved from Coinbase Institutional to unknown wallets than into the exchange.

The largest move was 1,500 Bitcoin (BTC), worth $109.1 million, transferred at 8:41 a.m. ET from an unknown wallet to an unknown new wallet.

Coinbase Institutional sent 702 BTC, valued at $51.2 million, to an unknown wallet at 7:26 a.m. ET. It sent 36,190 Ether (ETH), worth $72.4 million, to an unknown wallet at 9:59 a.m. ET. One minute earlier, an unknown wallet had transferred 33,430 ETH, valued at $66.9 million, to Coinbase Institutional.

In total, $123.6 million moved from Coinbase Institutional to unknown wallets, compared with $66.9 million moving into the exchange. Traders sometimes view exchange deposits as potential precursors to selling and withdrawals as potential signs of holding. The transfer direction alone does not establish whether assets were sold or held.