2,156 Bitcoins have landed on institutional branch of US-based cryptocurrency exchange Coinbase
Popular blockchain sleuth Whale Alert, which tracks large cryptocurrency transactions, has spotted three massive Bitcoin transfers that took place within a single hour, following each other closely.
They targeted Coinbase Institutional, carrying hundreds of millions of dollars worth of Bitcoin.
$230 million in Bitcoin shoveled to top U.S. platform
The above-mentioned on-chain data aggregator spread the word about three consecutive Bitcoin transfers entering Coinbase Institutional — the branch of the U.S. largest crypto exchange, Coinbase, dealing with institutional clients.
These deposits carried 870, 814 and 472 BTC and were equal to $230,000,000 in total at the time when those transfers were initiated. These large lumps of Bitcoin were sent from anonymous wallets to the aforesaid crypto trading venue.
🚨 🚨 🚨 🚨 870 #BTC (92,885,878 USD) transferred from unknown wallet to Coinbase Institutionalhttps://t.co/ihQ08eqNwB
— Whale Alert (@whale_alert) June 17, 2025
Today, the Bitcoin price displayed a sharp drop, falling by 2.6% from the $108,800 zone to a local bottom near $106,000. A similar drop took place last Thursday. Both bearish movements were largely triggered by the recent escalation in military developments in the Middle East. Besides, the threat of a trade war between the U.S. and Canada still looms with negative predictions for both economies.
Bitcoin midterm profit takers cashing out
According to a Glassnode report published on the X platform today, there has been a significant change in the tier of wallets that have been taking profits by selling part of their Bitcoin portfolios recently.
Last week, according to the on-chain data aggregator Glassnode, the main profit-takers who sold Bitcoin were wallets holding Bitcoin for more than 12 months. Those cohorts were responsible for 83% of all realized profit on the market. Meanwhile, wallets that hold Bitcoin for 6-12 months just realized $904 million of their profits, overtaking the old cohorts. That was the second-highest daily profit year-to-date.
Last week, we highlighted how $BTC wallets that held >12m were the primary profit-takers. But that trend has now flipped. Yesterday:
🔹 <12m cohorts accounted for 83% of all realized profit
🔹 6–12m holders alone realized $904M – second-highest daily profit YTD pic.twitter.com/gBD8tLCjVG— glassnode (@glassnode) June 17, 2025
This was how things stood last week. On Monday, this trend flipped. Therefore, mid-cycle Bitcoin buyers are cashing out at the moment, while long-term holders continue to hold or might be even accumulating more BTC. According to another post in this Glassnode thread, it is mainly those whales selling now who bought Bitcoin in the fourth quarter of 2024.
