2,128 Bitcoin Transfer to Coinbase Institutional Leads $1.62 Billion in Moves

A 2,128 Bitcoin (BTC) transfer worth $152 million reached Coinbase Institutional at 10:17 a.m. ET Nov. 12, the largest move in a three-hour, $1.62 billion window as exchange inflows outpaced outflows.

The 14-transfer tally through 1:05 p.m. ET included $747.8 million moving from unknown wallets to exchanges and $501.4 million moving from exchanges to unknown wallets. The difference between those totals was $246.4 million.

One minute before the largest transfer, Coinbase Institutional sent 2,127 BTC worth $151.9 million to an unknown wallet. At 11:02 a.m. ET, 2,121 BTC valued at $151.5 million moved between unknown wallets, while another unknown wallet sent 1,132 BTC worth $80.9 million to Coinbase Institutional.

Other transfers to Coinbase Institutional included 2,000 BTC valued at $143.4 million at 12:03 p.m. ET; 1,653 BTC worth $118.6 million and 1,800 BTC worth $129.1 million at 12:04 p.m. ET; and 1,727 BTC worth $123.9 million at 12:05 p.m. ET. Each came from an unknown wallet.

At 11:16 a.m. ET, Coinbase Institutional sent 1,984 BTC worth $142.7 million to an unknown new wallet. Transfers between unknown wallets included 1,456 BTC valued at $104 million at 11:03 a.m. ET and 1,622 BTC worth $116.7 million at 11:17 a.m. ET. Kraken sent 1,280 BTC worth $91.8 million to an unknown wallet at 12:04 p.m. ET.

A separate three-hour tally on Oct. 27 included Bitcoin flows to and from Coinbase Institutional and totaled $538.2 million. Transfer destinations show where the BTC moved, but do not establish whether it was sold or what its holders intend to do.