Five Crypto Transfers Total $741.8 Million in Three Hours

Five large crypto transfers worth a combined $741.8 million were recorded over three hours through 4:01 p.m. ET Thursday, Nov. 5, including $355.6 million sent from unknown wallets to exchanges.

Three of the five transfers were deposits from unknown wallets to exchanges. One moved funds between unknown wallets, and one sent USDC from Coinbase Institutional to Coinbase. No funds moved from exchanges to unknown wallets during the period.

The largest transfer moved 271,930,802 USD Coin (USDC), valued at $272 million. The USDC transfer between addresses labeled Coinbase Institutional and Coinbase made up one of the five moves in the broader tally.

The other transfers included 1,500 Bitcoin (BTC), worth $114.1 million, sent between unknown wallets at 1:54 p.m. ET; 127.5 million Tether USDt (USDT), valued at $127.4 million, sent from an unknown wallet to Bitfinex at 2:09 p.m. ET; and 1,000 BTC, worth $76 million, sent from an unknown wallet to Coinbase at 2:42 p.m. ET. At 3:43 p.m. ET, another unknown wallet sent 2,000 BTC, valued at $152.2 million, to Kraken.

Transfers into exchanges can draw attention as potential selling activity, but a destination alone does not show what the wallet owner intends to do. The five transactions identify where the assets moved; they do not establish whether any owner planned to sell or hold them.