Bitcoin Whale Transfers: 6365 & 2491 BTC to Unknown Wallets
Two major Bitcoin whale transfers were recorded from Coinbase in late October. The first Bitcoin whale transfer occurred on October 28, when 6,365 BTC (≈$727 million) moved off Coinbase to an unknown wallet. The second Bitcoin whale transfer on October 31 saw 2,491 BTC (≈$275 million) shifted from Coinbase Institutional to another unknown address, flagged by blockchain tracker Whale Alert. These transfers underscore active institutional involvement and may reflect accumulation, custodial consolidation or sale preparation. If funds return to exchanges, selling pressure could increase; if sent to cold storage, it signals long-term holding. Traders should follow subsequent transactions to gauge supply shocks, liquidity shifts and overall market sentiment.
Bullish
Large transfers of BTC from Coinbase to unknown wallets typically indicate institutional accumulation or cold storage, reducing available exchange supply and alleviating selling pressure. In the short term, these Bitcoin whale transfers may trigger price support by removing potential sell orders. Over the long term, sustained accumulation by institutions can strengthen market confidence and underpin bullish momentum. However, traders should monitor wallet addresses for potential re-deposits or OTC sale indicators to adjust positions accordingly.