Three tracked Bitcoin (BTC) transfers involving Coinbase Institutional on Oct. 20 showed $40.4 million more leaving the platform than arriving, but the movements do not establish whether any coins were sold.
Coinbase Institutional received 769 BTC valued at $62.7 million from an unidentified wallet. It sent 632 BTC worth $51.5 million and 633 BTC worth $51.6 million to unidentified wallets. The $40.4 million difference applies only to those three transfers.
They were among five reported Bitcoin movements valued at a combined $652.5 million between 5:03 a.m. ET (09:03 UTC) and 7:38 a.m. ET (11:38 UTC). The other two transfers moved 2,489 BTC worth $202.9 million and 3,486 BTC worth $283.8 million between unidentified wallets. Together, those two movements accounted for $486.7 million of the total.
Earlier coverage of the 632 BTC transfer described the same $51.5 million withdrawal included in this tally. A separate set of four Coinbase Institutional transfers on Oct. 19 showed an $8 million net outflow across those records. Neither set of wallet movements confirms a sale.
