Coinbase Institutional Wallet Transfers Out 1301 BTC, Worth Approximately $100 Million

TechFlow reports that on October 31, according to Whale Alert monitoring, 1,301 BTC were transferred from Coinbase Institutional to an unknown wallet at 02:31 Beijing Time, worth approximately $100.22 million at the time of transfer.

The receiving address currently has no public label, so the recipient's identity and the purpose of the funds cannot be confirmed. Large BTC transfers out from an exchange's institutional platform may be related to institutional withdrawals to self-custody, OTC settlement, or other arrangements; the specific situation remains subject to further on-chain tracking.

Source: TechFlow