$212 Million Bitcoin and Ethereum Transaction from a 50 Billion Company

Copper, which provides custody services for corporate companies, is sending large amounts of Bitcoin and Ethereum to cryptocurrency exchanges.

According to data from on-chain and analysis firm Arkham Intelligence, a hot wallet associated with Copper sent more than $200 million worth of BTC and ETH to OKX, one of the world's largest cryptocurrency exchanges.

Will there be a sale for Bitcoin and Ethereum?

According to Arkham data, Copper sent 1,224.6 Bitcoin and 59,832.2 Ethereum to OKX. At the time of the transaction, BTCs were worth $69.33 million and ETHs were worth $143 million.

It is not yet known why Copper made this transaction. However, according to CryptoQuant CEO Ki Young Ju, investors generally deposit coins on centralized exchanges for the purpose of selling.

A possible sale on OKX could increase the selling pressure on BTC and ETH. According to CoinGecko data, OKX has a daily trading volume of $1.54 billion.

Copper was founded by Dmitry Tokarev in 2018 to provide “institutional investors with a safe passage into the world of digital assets.” According to the information on its website, the company operates on more than 40 cryptocurrency exchanges. Working with more than 1,000 institutions, Copper’s monthly trading volume exceeds 50 billion.