Bitcoin Whales Send $498M to Coinbase Prime as BTC Weakens
Three Bitcoin whales transferred 6,168 BTC, worth about $498.5 million, to Coinbase Prime, according to Lookonchain. The deposits came as Bitcoin traded near $80,800 after recently falling below $80,000, raising trader concerns about possible selling pressure. However, neither Lookonchain nor Coinbase confirmed a sale, and Coinbase Prime also offers institutional custody and trading services.
Separately, Arkham Intelligence reported that a whale deposited 438.37 BTC, worth about $35.38 million, to Coinbase Prime. The wallet had withdrawn 615.4 BTC at an average price of $105,271 about 16 months earlier and still held roughly 177 BTC. Arkham estimated the position was down more than $15 million. It is unclear whether this transfer was included in Lookonchain’s 6,168 BTC total, so the figures should not be added together. These Bitcoin whale deposits put exchange inflows in focus during a period of price weakness, but do not confirm that holders sold or changed their market positions.
Neutral
The reported Bitcoin whale deposits may create short-term concern about selling pressure because large transfers to an exchange can precede a sale. That could prompt cautious trading or add volatility while Bitcoin is already trading below $80,000 in recent sessions. However, an exchange deposit alone does not establish that BTC was sold: Coinbase Prime also supports institutional custody and trading, and neither source confirmed a sale. The separate Arkham-reported transfer and estimated unrealized loss could attract attention, but its inclusion in Lookonchain’s total is unclear. In the longer term, these transfers alone do not demonstrate a change in holder positioning or provide enough evidence to infer a sustained direction for BTC. The price impact is therefore uncertain and best classified as neutral.