Three Wallets Deposit 6,168 Bitcoin Worth $498.5 Million at Coinbase Prime
Key Facts
Three wallets deposited 6,168 Bitcoin, worth about $498.5 million at the time of monitoring, at Coinbase Prime, according to a report published by Crypto.news on October 28, citing analytics firm Lookonchain. The report quoted the firm as saying: "Three whales deposited 6,168 Bitcoin ($498.5 million) into Coinbase Prime 6 hours ago." EL7 data show that Bitcoin closed that day at $81,537.05, compared with a close of $80,909.77 on October 27. That places the large deposit on a day when the cryptocurrency’s daily close rose, after several days of declines in the previous week. The report did not identify the wallet owners or their motives, and did not confirm that the deposited coins were sold.
The Crypto.news report said the transfers came from separate wallets to deposit addresses labeled Coinbase Prime. It noted that Lookonchain did not identify the owners of those wallets or provide details about their intentions. The deposit monitoring alone therefore does not establish whether the owners intend to sell, hold the coins or use them in other transactions. Coinbase Prime offers institutional services including trading, custody and financing, and Coinbase says clients can access more than 470 digital assets. That describes the services available through the platform, while the purpose of the transfers and the identities of their owners remain undisclosed.
The close recorded on October 28 followed consecutive daily declines from October 21 to October 26, according to EL7 data. The close fell from $84,093.42 on October 21 to $81,416.09 on October 22, then to $81,189.43 on October 23 and $80,888.16 on October 24. The cryptocurrency continued lower to $80,154.09 on October 25 and $80,150.56 on October 26, before rising to $80,909.77 on October 27. In a separate report, Investing.com cited Reuters as saying Bitcoin fell to $79,146 on Saturday, October 24, the lowest level mentioned in the report, before recovering above $80,000. The report said more than $810 million in cryptocurrency positions were liquidated over 24 hours, including about $689 million in long bets.
In a comment published on October 23, Coinbase Institutional said U.S. spot Bitcoin funds had attracted about $6.4 billion since August, compared with $1.5 billion for corporate treasuries over the same period. The company presented the figures as a comparison between fund flows and corporate treasury purchases, without linking them to the transfers monitored at Coinbase Prime. It also described the $80,000–$82,000 range as near-term support for Bitcoin, and identified $73,000–$75,000 as the next support zone if the first range failed to hold. The levels were set out in the company’s assessment published before closing prices rebounded on October 27 and 28. They remain estimates from Coinbase Institutional, not a description of a guaranteed price outcome.
Coinbase Institutional linked pressure on risk assets to a 1.3% month-over-month rise in U.S. producer prices in September, and said futures were pricing in a roughly 80% chance of an interest-rate hike in December. The Federal Reserve met on October 27 and 28 and scheduled its next meeting for December 8 and 9, 2026. In a report published by Investing.com, citing Reuters, on October 28, Bitcoin rose 1.2% to $80,948.5 at 01:27 Eastern time, after reaching $79,496.8 earlier in the week. The report attributed Wednesday’s cryptocurrency gains to a rebound in technology and chip stocks following strong results from SK Hynix, and said buying in technology and artificial-intelligence stocks supported some demand for cryptocurrencies. It also said the coin was on track for a 3.2% monthly loss in October, which would make it the second consecutive year of losses in that month.