Bitcoin Whale Activity Spikes Ahead of Potential Price Dump as Massive BTC Transfers Flow into Coinbase

With Bitcoin showing positive price action over the past few days, increased whale activity has been observed among Bitcoin holders.

Massive Bitcoin (BTC) transfers were spotted flowing into a major U.S.-based cryptocurrency exchange, Coinbase, on Monday morning.

On-chain tracking platform Whale Alert spotted multiple large Bitcoin batches being transferred into Coinbase within two hours. In total, about 3,165 BTC, valued at over $347 million, were spotted being moved by so-called Bitcoin whales.

Each of the transfers was made from anonymous wallets and the largest transaction spotted involved 794 BTC, which is worth about $86.9 million at the time of writing.

Subsequent transactions spotted involved 466 BTC (worth around $51.2 million), 464 BTC ($51.0 million), 463 BTC ($50.9 million), and another 464 BTC ($51.0 million), all sent from unknown wallets.

Unlike the other transactions, which were mysteriously sent to the exchange, 510 BTC ($56.1 million) were moved from Cumberland, a prominent crypto trading firm, to Coinbase Institutional.

Typically, massive Bitcoin transfers spotted on major cryptocurrency exchanges suggest increasing attempts by whales to sell their tokens.

Notably, the move has triggered concerns among investors, as large amounts of BTC flowing into exchanges from self-custodial wallets have often been linked to selling activities by high-profile investors or institutions.

While the reason behind the Bitcoin transfers has not been confirmed, speculators suggest that these may be portfolio rebalancing attempts by whales.

However, it is important to note that the high volume and repeated pattern of the transfers—combined with the involvement of Cumberland in one transaction—point to strategic positioning by large players, especially institutions.

Bitcoin Stable at $108,000

Although Bitcoin has shown positive price action in recent days, the leading cryptocurrency by trading volume has slowed its uptrend, dipping below the $110,000 mark it started the day with.

While Bitcoin returned to the red zone following slight price declines over the last few hours, it has only dropped 0.32% in the past day, trading steadily at $108,678.66 as of press time.