Leading Crypto Exchange Coinbase, only suffered a massive Bitcoin influx of over $130 million, sparking fresh speculation about whale activity and potential market changes. The movement was flagged by a Whale Alert on April 17th on the blockchain surveillance platform that tracked two consecutive BTC transfers.
According to the data, a total of 1,546 BTC was sent to Coinbase within an hour. The transaction comes from the same mysterious wallet “3PFMV9CIBQX3”, suggesting that a single entity is behind both movements.
The initial transfer included 746 BTC, worth around $63.1 million. A second few minutes later, 800 BTC was involved and was worth around $67.7 million.
The wallet has a history of massive Bitcoin movements throughout the exchange, and its latest activity has rekindled debate over potential whale strategies.
Do chess-making whales move?
Given the current market situation, the timing of the transaction is particularly noteworthy. Bitcoin trading volume has dropped by 20.01% over the last 24 hours, but its prices have risen modestly, and is now up 1.07%, up $85,337 per coin market cap.
Large transfers of these types to exchanges often precede an imminent sale, institutional relocation, or major price movements.
Some in the Crypto community speculate that this could indicate a change in whale emotions. As one user commented, “often it’s a liquidity play before massive movements.”
Despite continued volatility in the wider crypto space, Bitcoin shows significant price resilience at the $85,000 level. Analysts remain divided on whether this whale activity indicates a cooldown or calculated setup for future benefits.
Veteran trader Peter Brandt recently compared Bitcoin’s price action to a “little box on the hillside” and proposed a consolidation that could precede the breakout.
Whether this massive Coinbase inflow is the beginning of a market selling or a shuffle of strategic assets, one thing is clear.
