Five Bitcoin Transfers Total $652.5 Million in Three Hours

Five large Bitcoin transfers worth $652.5 million occurred in a three-hour span ending at 8:03 a.m. ET (12:03 UTC) Oct. 20, with Coinbase Institutional sending more value to unknown wallets than it received.

The two largest transactions stayed between unknown wallets. A transfer of 3,486 BTC, valued at $283.8 million, occurred at 5:32 a.m. ET (09:32 UTC), after 2,489 BTC worth $202.9 million moved at 5:31 a.m. ET (09:31 UTC).

Coinbase Institutional received 769 BTC worth $62.7 million from an unknown wallet at 5:03 a.m. ET (09:03 UTC). It sent 632 BTC worth $51.5 million to an unknown wallet at 5:16 a.m. ET (09:16 UTC), then another 633 BTC valued at $51.6 million at 7:38 a.m. ET (11:38 UTC).

Across those exchange-linked moves, $62.7 million flowed into Coinbase Institutional and $103.1 million went out to unknown wallets. Exchange deposits can be monitored as possible selling activity, while withdrawals may indicate a move to hold coins. Transfer direction alone does not establish whether BTC was sold or how long a recipient will keep it.