Cumberland, Galaxy, Coinbase Move $405M in BTC to Anchorage in 9 Hours
Over a nine-hour span institutional trading firms and liquidity providers — including Cumberland, Galaxy Digital, Coinbase, DRW and Wintermute — transferred 4,094 BTC (roughly $405 million) into Anchorage Digital, a major institutional custodian. The flows coincided with Bitcoin slipping below the $100,000 mark and a wave of retail panic, creating a clear divergence between professional buyers and smaller traders.
Large, concentrated transfers to a custodian typically indicate accumulation and intent to hold rather than short-term market-making, which can help absorb selling pressure and support price stability. For market participants this highlights sustained institutional demand and could tighten spot and OTC liquidity; ongoing custody inflows should be watched as a near-term barometer of institutional confidence amid the pullback.