Six Crypto Transfers Total $388.1 Million as Exchange Inflows Lead

Six large crypto transfers totaling $388.1 million occurred in a three-hour window ending at 1:01 p.m. ET Wednesday, Nov. 4, with most of the value moving into exchanges.

Unknown wallets sent $242.5 million to exchanges, compared with $91.2 million sent from exchanges to unknown wallets. Another $54.4 million moved from Coinbase Institutional to Coinbase.

Four transfers from unknown wallets to Coinbase Institutional made up the exchange-bound total: 21,294 Ether (ETH) worth $51.8 million at 10:33 a.m.; 813 Bitcoin (BTC) worth $65.4 million at 11:05 a.m.; 855 BTC worth $68.9 million at 11:21 a.m.; and 701 BTC worth $56.3 million at 12:22 p.m. ET.

The exchange-to-unknown-wallet flow included a $91.2 million transfer of 1,131 BTC to a new wallet. At 12:37 p.m. ET, 676 BTC worth $54.4 million moved from Coinbase Institutional to Coinbase.

Transfers to exchanges are often watched as potential selling, while transfers from exchanges to unknown wallets are watched as potential holding. The movements alone do not establish whether the assets were sold or retained.