$670M in Bitcoin Moved to Major U.S. Crypto Exchange In Mere Hours

Coinbase Sees Massive Bitcoin Inflow Amid Crypto Bull Run

Leading U.S. crypto exchange Coinbase has received significant Bitcoin transfers from multiple unidentified whales, according to on-chain data from Whale Alert. The transactions, worth over $670 million, involved 6,016 BTC spread across 13 identical transfers.

The breakdown shows 11 transfers of 463 BTC each, with two additional transfers of 462 BTC and 461 BTC. While the sender addresses remain unknown, the transactions originated from separate wallets.

The timing has sparked speculation within the crypto community, as the transfers coincided with Bitcoin Pizza Day. Some analysts suggest this could represent institutional selling activity, which typically exerts downward pressure on Bitcoin's price.

Despite the large inflows, Bitcoin's bullish momentum continues. The cryptocurrency has gained 4.56% in the past 24 hours, reaching a new high of $111,915 before settling at $111,538 at press time.

While long-term market sentiment remains positive, analysts caution that sustained whale selling could temporarily slow Bitcoin's upward trajectory. The crypto community continues to monitor these developments for potential market impact.