Copper Transfer $212M Bitcoin & ETH to OKX, Fears of Market Dump

Institutional custody and brokerage platform Copper has transferred a considerable sum of Bitcoin and Ethereum to cryptocurrency trade OKX. In accordance with blockchain information shared by crypto journalist Colin Wu, two addresses marked as “Copper: Scorching Pockets” made substantial deposits to OKX inside a 20-minute window.

Copper’s Bitcoin & ETH Switch Increase Considerations

The primary switch concerned 1,224.6 BTC, valued at roughly $69.33 million, whereas the second noticed 59,832.2 ETH moved, value round $143 million. The mixed worth of those transfers totals $212 million.

Two addresses (1M5L5) and (0x1A3) marked as custodian firms “Copper: Scorching Pockets” deposited 1224.6 BTC and 59832.2 ETH to OKX 20 minutes and quarter-hour in the past, respectively, value $69.33 million and $143 million, with a complete worth of $212 million.https://t.co/iIvaStcAmV…

— Wu Blockchain (@WuBlockchain) September 5, 2024

The dimensions and timing of those transfers have naturally led to questions on Copper’s motives and the potential market implications. Some market contributors are involved that this might sign an impending large-scale sell-off, probably placing downward strain on the costs of Bitcoin and Ethereum.

In accordance with information from Arkham Intelligence, even after this transfer, Copper nonetheless holds a considerable $2,042,409,537.54 in crypto belongings. This remaining steadiness means that the current switch represents solely a fraction of Copper’s whole holdings.

Breaking down Copper’s present portfolio, we see a various vary of belongings:

• 19,137K BTC valued at $1.09B
• 208,831K ETH value $500.09M
• 207,221M USDT at $207.22M
• 70.12M USDC valued at $70.12M
• 20,669K STETH value $49.59M
• Numerous different belongings, together with GRT, QNT, and 1INCH

This substantial and diverse portfolio signifies that Copper maintains a powerful place within the crypto market regardless of the current massive switch.

Additionally Learn: Ripple CEO Broadcasts XRP Stablecoin Will Arrive in Weeks