Arkham data shows that at 18:20, 511.93 BTC (worth about $445 million) moved from Coinbase to an anonymous address starting with 14fHo. A portion of that amount, 0.00216774 BTC, was subsequently transferred from that address to Bybit.
Such inter-exchange transfers can reflect liquidity shifts, custody considerations, or risk management by traders and institutions. Market watchers monitor these movements for potential implications on liquidity, price discovery, and regulatory scrutiny.
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