Whales Move $216M in Bitcoin to Coinbase as BTC Eyes $120K Breakout

Two large Bitcoin transfers totaling 1,995 BTC, worth about $216 million, have been moved to Coinbase Institutional. Whale Alert reported that the first transfer involved 1,083 BTC valued at $117.2 million from an unknown wallet.

In the second transaction, Cumberland delivered 912 BTC, worth $99.2 million, to Coinbase Institutional. These movements have raised speculation within the crypto market due to their size and timing.

It’s unclear why the transfers happened, though often large amounts deposited to exchanges signal that they want to sell. However, Cumberland’s movements might show that they are exchanging, holding or handling liquidity among parts of the market.

Amid Bitcoin’s climb toward record highs, its price has eased slightly from nearly $112,000 to $108,480. This follows another two days with a decline, yet trading is still healthy in the overall market.

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Institutional Demand and Whale Accumulation Drive Bitcoin Momentum

Market data reflects a growing institutional presence in Bitcoin trading. Glassnode reported that about 33 percent of all on-chain BTC volume is flowing through centralized exchanges. This surge in exchange activity aligns with rising volatility and price discovery.

Meanwhile, interest in Bitcoin derivatives has reached new peaks. Open interest in BTC options recently hit an all-time high of $46.2 billion, more than doubling from earlier lows. Futures activity has also expanded, indicating strong positioning by large investors.

Whales are continuing to accumulate, as Santiment revealed that in just six weeks, wallets holding 100 to 1,000 BTC increased by 337. These wallets added a total of 122,330 BTC during that period, reflecting ongoing confidence from major holders.

As Bitcoin consolidates just below its all-time high, eyes remain on the next key resistance level near $120,000. The recent whale movements to Coinbase suggest that strategic positioning is underway as the market prepares for another possible breakout.

Conclusion

The $216 million Bitcoin transfer to Coinbase Institutional has added momentum to a market already driven by heavy institutional and whale activity. As BTC approaches the $120,000 mark, market participants are closely watching these signals for the next major move.

Also Read: Hedera Dips Below Key Support as Market Weakness Continues

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