Bitcoin Transfers Lead $652 Million In Crypto Moves Over Three Hours

Seven large Bitcoin (BTC) transfers helped move $652 million across crypto exchanges and unknown wallets during the three hours ending Oct. 8 at 5:03 p.m. ET, with more value flowing into exchanges than out of them.

The transactions included $401 million sent from unknown wallets to exchanges and $251 million moved from exchanges to unknown wallets. The net flow into exchanges was $150 million.

The largest activity occurred at 3:08 p.m. ET, when 2,080 BTC worth $169.5 million moved from an unknown wallet to Coinbase Institutional. A separate transfer at the same time sent 2,079 BTC valued at $169.4 million from an unknown wallet to the same exchange.

The other five transfers were:

818 BTC worth $66.9 million moved from Coinbase Institutional to an unknown wallet at 4:20 p.m. ET.

815 BTC valued at $66.6 million moved from Coinbase Institutional to an unknown new wallet at 4:20 p.m. ET.

818 BTC worth $66 million moved from Coinbase Institutional to an unknown new wallet at 2:30 p.m. ET.

760 BTC valued at $62 million moved from an unknown wallet to Coinbase Institutional at 3:08 p.m. ET.

629 BTC worth $51.5 million moved from Coinbase Institutional to an unknown wallet at 4:20 p.m. ET.

The latest activity followed an earlier six-movement report that covered a period ending at 2:03 p.m. ET on Oct. 8. That set of transactions totaled $512.6 million and included a 2,080 BTC transfer worth $167.6 million to Coinbase Institutional.

Transfers to exchanges are monitored because assets placed on trading platforms may be positioned for trading. Movements away from exchanges may indicate that assets are being held in external wallets. Neither pattern confirms that a sale or purchase occurred.