With Bitcoin showing positive price action over the past few days, increased whale activity has been observed among Bitcoin holders.
On-chain tracking platform Whale Alert spotted massive Bitcoin transfers flowing into a major U.S.-based cryptocurrency exchange, Coinbase, on June 11.
According to data provided by the tracker, multiple whales moved over 3,165 BTC, worth more than $347 million, into Coinbase in just about two hours. The large Bitcoin transfers, which suggest that Bitcoin whales might be attempting to sell off their assets, occurred in multiple transactions.
Each of the transfers was made from anonymous wallets. The largest transaction involved 794 BTC, worth about $86.9 million based on Bitcoin’s price at the time of the transfer.
Subsequent transactions involved 466 BTC (worth around $51.2 million), 464 BTC ($51.0 million), 463 BTC ($50.9 million), and another 464 BTC ($51.0 million), all sent from unknown wallets.
Unlike the other transactions, which were mysteriously sent to the exchange, 510 BTC ($56.1 million) were moved from Cumberland, a prominent crypto trading firm, to Coinbase Institutional.
Typically, massive Bitcoin transfers spotted on major cryptocurrency exchanges suggest increasing attempts by whales to sell their tokens.
Notably, the move has triggered concerns among investors, as large amounts of BTC flowing into exchanges from self-custodial wallets have often been linked to selling activities by high-profile investors or institutions.
While the reason behind the Bitcoin transfers has not been confirmed, speculators suggest that these may be portfolio rebalancing attempts by whales.
However, it is important to note that the high volume and repeated pattern of the transfers—combined with the involvement of Cumberland in one transaction—point to strategic positioning by large players, especially institutions.
Bitcoin Stable at $108,000
Although Bitcoin has shown positive price action in recent days, the leading cryptocurrency by trading volume has slowed its uptrend, dipping below the $110,000 mark it started the day with.
While Bitcoin returned to the red zone following slight price declines over the last few hours, it has only dropped 0.32% in the past day, trading steadily at $108,678.66 as of press time.
