- Two whale wallets moved over 870 BTC into Coinbase shortly after Bitcoin hit a new ATH, sparking bearish speculation.
- Despite the transfers, Bitcoin saw net outflows of $109M on July 10, suggesting broader accumulation rather than selling.
- Over $1.2B in crypto positions were liquidated, with shorts making up the bulk—marking the largest short-squeeze of 2025.
Just a few hours after Bitcoin broke a new all-time high for the second day in a row, some whale wallets began moving millions in BTC across major networks.
According to the whale-tracker platform “Whale Alert”, data from July 11 revealed two massive transfers, each over 1,000 BTC, were spotted flowing into Coinbase. The first transaction by the address (1PyMbM3KKcoqm6pQsr6VTJCxkgsGoEKJmo) sent 430.26 BTC—or $57 million— to Coinbase. Shortly after, the address (1Feyw19ARxovd6ZUJQq43FnhC3Voz8VT95) sent another 440.59 BTC—$51 million—also to Coinbase.
Typically, when whales move funds from cold wallets to exchanges, it often signals an overall bearish sentiment in the markets. The logic is that these investors are moving the funds to an exchange to either swap or completely withdraw the funds from the cryptocurrency market.
On-chain data also shows that these wallets had remained dormant for weeks prior to the transfers, adding weight to the theory that whales were waiting for a strategic moment to act.
However, Bitcoin has not seen any major selling pressure despite being less than a day after its new all-time high. At this very moment, the coin trades at $117,229, down by only around $1,000 from yesterday’s peak.
But despite that, data from CoinGlass reveals that the broader market saw a net outflow of $109.08 million in BTC on July 10, meaning more crypto left exchanges than entered. This means that, despite two large whale wallets moving over $100 million into Coinbase, often seen as a bearish signal, the overall exchange flow data suggests that most investors were pulling BTC off exchanges, not prepping to sell.
In fact, Coinglass also reports that over $1.2 billion in crypto positions were liquidated in the past 24 hours, with shorts accounting for over $1 billion in liquidations, marking the largest short-squeeze of 2025 so far.
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