Two bitcoin wallets dormant since 2023 sent a combined 2,571.29 BTC to an address identified as Coinbase Prime on Oct. 26, according to Lookonchain data and onchain analysts. The transfers do not establish that the bitcoin was sold; the source says the holder could instead be moving it into custody, posting collateral or preparing a private trade. The shared destination suggests one owner may control both wallets, but that is an inference.
Using bitcoin prices from when the wallets received the coins in 2023, the source estimates their cost basis at about $60 million. Lookonchain valued the transferred bitcoin at about $206.52 million. The source also says the Coinbase Bitcoin Premium had been negative for 53 consecutive days, but does not establish a link between that measure and the transfers.
