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Bitcoin whales move nearly $500M to Coinbase Prime overnight
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Oct 28, 2026
Three Bitcoin whales have transferred a combined 6,168 BTC worth approximately $498.5 million to Coinbase Prime at a time when Bitcoin price continues to struggle.
According to blockchain analytics firm Lookonchain, the three whales deposited the Bitcoin into Coinbase Prime roughly six hours before its October 28 report, with the transactions involving separate wallets and a combined value approaching half a billion dollars.
The transfers took place as Bitcoin traded around $80,800, following several days of price weakness that had pushed the cryptocurrency below $80,000 earlier this week.
Bitcoin whales deposit 6,168 BTC into Coinbase Prime
Lookonchain identified the three large deposits through blockchain transaction data and shared screenshots from Arkham Intelligence showing transfers to addresses labeled as Coinbase Prime deposit wallets.
The 6,168 BTC was valued at approximately $498.5 million when the transactions were flagged, although the analytics firm did not disclose the identities of the wallet owners or provide details about their intentions.
Coinbase Prime is Coinbase’s institutional platform, which offers cryptocurrency custody, trading, and other services to institutional investors and large holders.
Large transfers to exchanges often attract attention because holders can use exchange accounts to sell their assets. However, Coinbase Prime’s custody and institutional trading services mean that deposits can serve several purposes, including portfolio management and transfers between custody arrangements.
Lookonchain’s report identified the destination of the Bitcoin but did not indicate whether the three holders had subsequently sold any of their coins.
The latest activity follows another substantial movement involving previously inactive Bitcoin wallets earlier this week.
On October 27, Lookonchain reported that two whales had deposited 2,571 BTC, worth approximately $206.52 million, into Coinbase Prime after remaining inactive for roughly three years.
The two wallets reportedly transferred 986.31 BTC and 1,584.98 BTC, respectively, to the same Coinbase Prime deposit address.
At the time of those transactions, Bitcoin was trading around $80,300, placing the combined value of the transfers above $206 million.
Another Bitcoin whale transfers $35M after 16 months
Separately, Arkham Intelligence reported another large Bitcoin transfer involving a whale that had previously withdrawn hundreds of coins from Coinbase Prime custody.
In an October 28 post, Arkham said a wallet identified by the prefix bc1q9 deposited 438.37 BTC, valued at approximately $35.38 million, into Coinbase Prime overnight.
Sources >> Bitcoin whales move nearly $500M to Coinbase Prime overnight
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