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

Institutional custody and brokerage platform Copper has transferred a substantial sum of Bitcoin and Ethereum to cryptocurrency exchange OKX. According to blockchain data shared by crypto journalist Colin Wu, two addresses marked as “Copper: Hot Wallet” made substantial deposits to OKX within a 20-minute window.

Copper’s Bitcoin & ETH Transfer Raise Concerns

The first transfer involved 1,224.6 BTC, valued at approximately $69.33 million, while the second saw 59,832.2 ETH moved, worth around $143 million. The combined value of these transfers totals $212 million.

Two addresses (1M5L5) and (0x1A3) marked as custodian companies “Copper: Hot Wallet” deposited 1224.6 BTC and 59832.2 ETH to OKX 20 minutes and 15 minutes ago, respectively, worth $69.33 million and $143 million, with a total value of $212 million.https://t.co/iIvaStcAmV…

— Wu Blockchain (@WuBlockchain) September 5, 2024

The size and timing of these transfers have naturally led to questions about Copper’s motives and the potential market implications. Some market participants are concerned that this could signal an impending large-scale sell-off, potentially putting downward pressure on the prices of Bitcoin and Ethereum.

According to data from Arkham Intelligence, even after this move, Copper still holds a substantial $2,042,409,537.54 in crypto assets. This remaining balance suggests that the recent transfer represents only a fraction of Copper’s total holdings.

Breaking down Copper’s current portfolio, we see a diverse range of assets:

• 19,137K BTC valued at $1.09B
• 208,831K ETH worth $500.09M
• 207,221M USDT at $207.22M
• 70.12M USDC valued at $70.12M
• 20,669K STETH worth $49.59M
• Various other assets, including GRT, QNT, and 1INCH

This substantial and varied portfolio indicates that Copper maintains a strong position in the crypto market despite the recent large transfer.

Also Read: Ripple CEO Announces XRP Stablecoin Will Arrive in Weeks