Someone, or something, just moved 2,258 BTC from Coinbase Institutional to a brand-new wallet that had never seen a single transaction before. The transfer, worth roughly $132 million, landed on June 30 and immediately caught the attention of on-chain trackers.
A pattern emerges in June
Here’s the thing: this wasn’t a one-off event. It was the third major outflow from Coinbase Institutional wallets in June alone, and it wasn’t even the biggest one.
On June 26, a transfer of 3,968 BTC, approximately $239 million, moved out. Earlier in the month, on June 3, another 3,102 BTC worth around $207 million left Coinbase Institutional’s custody. Combined with the latest transfer, that’s roughly 9,328 BTC, or about $578 million, flowing out of Coinbase Institutional in a single month.
The outflows weren’t happening in a vacuum, either. Coinbase Institutional also saw inflows during the same period. On June 12, 1,159 BTC worth about $73.5 million came in. And back in April, the platform received 1,665 BTC valued at around $124.6 million.
