[Morning News Briefing] Coinbase: "Institutional Investors Buy Bitcoin Whenever It Drops" and More

Coinbase: "Institutional Investors Buy Bitcoin Whenever It Drops"

Pete Rizzo reported via X that Coinbase stated institutional investors are buying Bitcoin whenever the price drops.

He explained that sovereign wealth funds and individual investors are also increasing their BTC purchases, noting that buying demand continues not only at the peak but also during price corrections.

This statement comes as market attention focuses on whether institutional demand will continue amidst the recent increase in Bitcoin volatility.

USDC Treasury → Coinbase Institution 248 million USDC Transfer

According to Whale Alert, 247,999,999 USDC was transferred from USDC Treasury to Coinbase Institutional.

The scale of this transfer is approximately $247,972,347. Large-scale stablecoin movements are drawing attention in the market in relation to changes in exchange liquidity.

Transfer 250 million USDC from Ethena to Unidentified Wallet

Whale Alert announced that 250 million USDC was transferred from Ethena to an unidentified wallet.

The transfer amount is approximately $249.94 million. Although it is a large-scale on-chain movement, the use of the funds and the recipient wallet have not yet been confirmed.

U.S. Designates Alibaba, BYD, and Baidu as Companies Supporting the Chinese Military

Watcher Guru reported that the U.S. has designated Alibaba, BYD, and Baidu as companies supporting the Chinese military.

This designation comes amidst ongoing U.S.-China technology and security tensions and could act as a burden on global stock markets and investor sentiment toward risk assets.

24-hour cryptocurrency futures liquidation $603 million

Source: PANews. According to CoinGlass data, cryptocurrency futures liquidation over the past 24 hours totaled $603 million.

Of these, the liquidation amount for long positions was $143 million, and the liquidation amount for short positions was $460 million. The liquidation amount for Bitcoin (BTC) was $279 million, and the liquidation amount for Ethereum (ETH) was $168 million.

The significant increase in short liquidation is attributed to the large-scale liquidation of positions betting on a decline during the short-term price rise.

Transfer 130 million USDT from Tether Treasury to Anonymous Wallet

According to Whale Alert, 130 million USDT (approx. $129,919,855) was moved from Tether Treasury to an anonymous wallet.

This transfer occurred on the Tron network, and the purpose of the receiving wallet or whether it is linked to an exchange has not yet been confirmed.

Transfer 1,966 BTC between anonymous wallets

According to Whale Alert, 1,966 BTC worth approximately $124.6 million was transferred from one anonymous wallet to another.

As there is no confirmed evidence linking this transaction to an exchange wallet, it is also possible that it was simply a transfer to a storage wallet.

Transfer 1,499 BTC from Coinbase to Unidentified Wallet

According to Whale Alert, 1,499 BTC was transferred from Coinbase to an unidentified wallet at around 3:54 on June 9.

The transfer amount is approximately $95.02 million. While large-scale movements outside the exchange could be interpreted as being for custody purposes or over-the-counter trading, the specific entities and purposes have not been confirmed.

Abe: $8.45 billion in deposits withdrawn in 48 hours due to KelpDAO bridge vulnerability

According to O'Daily, $8.45 billion in deposits flowed out of Abe over 48 hours following a $292 million vulnerability attack on KelpDAO's LayerZero Bridge last April.

Abe founder Stani Kulechov emphasized the network's resilience, stating that Abe V3 withstood market shocks. However, independent data analyzed that Abe relied on emergency support worth approximately $300 million, including a guarantee of 25,000 ETH from the Abe DAO and a personal investment of 5,000 ETH by Kulechov.

Kulechov explained that the cause of the vulnerability lay in third-party infrastructure rather than core smart contracts. However, analysts pointed out that the incident exposed Abe's lack of risk management and insurance systems, leading to a burden of approximately $123.7 million in wETH bad debt.

Abe plans to introduce a modular hub-spoke structure to Abe V4 and apply automatic risk adjustment and collateral freezing functions to prevent future bridge failures from escalating into systemic deposit outflows.

793 BTC Coinbase Inflow

793 BTC, worth approximately $50.44 million, was moved from an anonymous wallet to Coinbase.

According to the source Whale Alert, the transfer is a large-scale transaction that flowed into Coinbase. While the exchange deposit could be interpreted as a possibility that holders are preparing to sell, whether an actual sell took place has not been confirmed.