In the meantime, 910 BTC (valued at $100.2 million) moved into Coinbase Institutional.
Why pockets locations supply clues about intent
Not all Coinbase wallets are created equal.
Transfers to common Coinbase wallets are sometimes an indication of a better chance of near-term promoting. That is due to the platform’s ease of fiat conversion and liquidity entry.
In distinction, Coinbase Institutional wallets typically serve hedge funds, ETFs, and custodial purchasers — pointing to potential chilly storage or strategic allocation somewhat than speedy liquidation.
With Coinbase enjoying a key function as a custodian for a number of U.S. spot Bitcoin ETFs, massive transfers to its institutional arm may point out positioning by skilled buyers, not panic-selling by whales.