Coinbase Institutional, the brokerage arm of Coinbase, executed a $70 million transfer of Shiba Inu. This transaction has attracted attention in the crypto market for its implications.
The Largest SHIB Coin Transaction of the Year
This $70 million transfer became the largest over-the-counter transaction conducted by Coinbase Institutional for corporate portfolios. The transaction took place on July 23 and involved transferring coins from the company’s wallet to an unknown target wallet. Earlier, in early June, there were three sequential transactions ranging from $31.6 to $44 million.
Institutional Interest in Shiba Inu Remains
On the day of the transfer, the price of SHIB fell by over 10%. The following day saw an additional 4% drop fueled by a wave of sales in the altcoin market. Despite the sell-off, the significant transfer indicates that institutional interest in Shiba Inu remains, although SHIB has recently fallen out of CoinMarketCap's top 25 cryptocurrencies.
Impact of the Transfer on the Market
Experts note that large over-the-counter transactions often signify liquidity rebalancing or portfolio adjustments. Coinbase Institutional aims to mitigate sudden price fluctuations in the spot market by conducting large-scale crypto trades. These transactions could influence liquidity and market depth in the coming weeks.
With the $70 million transfer of Shiba Inu, Coinbase Institutional highlights ongoing investor interest and liquidity redistribution opportunities. However, the current volatility in the altcoin market may impact prices and market sentiment.
