Whale Alert identified six Bitcoin transfers totaling 2,988 BTC valued at over $307 million.
These movements are linked to Coinbase wallets, suggesting internal fund management.
Galaxy Digital moved $103 million in Ethereum to Coinbase amid ETH’s price drop.
A total of six Bitcoin transactions, collectively worth around $307.4 million, have been tracked by blockchain monitoring service Whale Alert. Each transfer ranged between 493 and 514 BTC, with a combined movement of 2,988 BTC. These transactions occurred as Bitcoin slipped from a recent high, trading at $102,055 after losing nearly 2 percent in value.
Although the transactions appeared to originate from anonymous wallets, further details suggest a different scenario. Whale Alert data indicates that portions of these funds were directed to wallets associated with Coinbase. This raises the likelihood of internal fund reallocations rather than external withdrawals, possibly for liquidity or security management.
Internal Reshuffling Likely by Coinbase Custodial Services
Coinbase holds substantial amounts of Bitcoin for both individual users and large institutional clients. These include spot Bitcoin ETFs managed by major financial firms such as BlackRock, Fidelity, and Bitwise. Given this role, movements of such size are often related to internal fund distribution across custodial accounts, rather than signals of external sell-offs or market exit.
The tracked transactions happened during a modest retreat in Bitcoin’s market price. BTC fell from the $104,017 level to $102,055, with minor volatility over the past day. Such price fluctuations often coincide with wallet reshuffles by exchanges or custodians in preparation for changes in liquidity demand.
Alongside the Bitcoin activity, a separate event saw Galaxy Digital deposit 39,834 ETH, valued at over $103.6 million, to Coinbase. According to Spotonchain, this occurred as Ethereum experienced a 5.64 percent drop, falling from $2,700 to $2,560. The fund, managed by Mike Novogratz, appears to be managing holdings in response to the recent downturn.
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