Whale Alert, a platform tracking large cryptocurrency transactions, has detected multiple consecutive transfers of approximately $307 million worth of Bitcoin leaving Coinbase in recent hours. These transfers, initiated by anonymous wallets, followed a price decline for Bitcoin that brought the world’s largest digital currency back down from its high-water mark of nearly $104,000. While details indicate these withdrawals originated from within Coinbase itself, as some funds were transferred to wallets associated with the exchange, it also suggests the platform may have been rebalancing its Bitcoin holdings. 2,988 BTC worth $307.4 million were withdrawn in total, according to Whale Alert data not shared on its X account. Coinbase holds a significant amount of Bitcoin, both for retail customers and as a custodian for institutional investors like those investing in BlackRock and Fidelity’s spot Bitcoin ETFs. Over the past day, Bitcoin has experienced a drop, dropping from $104,017 to $102,055 at press time. Another interesting development involved Galaxy Digital, a prominent cryptocurrency fund founded by Mike Novogratz, who invested $103.6 million worth of Ethereum into Coinbase in the past 8 hours. The recent drop in Ethereum prices prompted this action, with the ETH price losing 5.64% over the past day. The article draws on data from Whale Alert, Spotonchain, and UToday for a comprehensive overview.