According to the source, Trump Media moved roughly 2,000 BTC (about $175 million) across multiple wallets after reports it increased its Bitcoin holdings, with approximately $12 million reaching Coinbase Prime Custody; source: the source. Coinbase Prime Custody stores client assets in segregated cold storage not connected to exchange order books, meaning custody inflows are not directly available for immediate spot selling; source: Coinbase Institutional. Historically, large Bitcoin inflows to exchange deposit wallets correlate with higher potential sell-side liquidity, so traders should watch for any subsequent transfers to exchange hot wallets rather than custody addresses; source: CryptoQuant research. BTC exchange netflow is a widely used indicator for gauging shifts in market supply and liquidity, making on-chain monitoring relevant following this transfer; source: CryptoQuant.

According to @lookonchain, SpaceX transferred 1,083 BTC valued at about $99.81 million roughly 30 minutes before the post, with the movement visible on Arkham Intelligence’s SpaceX entity page. source: Lookonchain on X Dec 5, 2025; Arkham Intelligence explorer https://intel.arkm.com/explorer/entity/spacex @lookonchain stated the destination may be Coinbase Prime for custody, though this has not been confirmed in the shared data. source: Lookonchain on X Dec 5, 2025 Coinbase Prime is an institutional platform that offers crypto custody services. source: Coinbase Institutional Coinbase Prime https://www.coinbase.com/institutional/prime As of the cited sources, the recipient has not been verified as an exchange deposit, and traders should monitor the labeled recipient addresses on Arkham Intelligence for confirmation before inferring sell pressure. source: Arkham Intelligence explorer https://intel.arkm.com/explorer/entity/spacex