According to Whale Alert data, a staggering $70 million worth of SHIB was recently transferred from Coinbase Institutional to an unknown wallet.
This is the largest SHIB transfer performed by any entity so far in 2025.
In early June, the prominent prime brokerage platform received several back-to-back SHIB transfers ranging from $31.6 million to $44 million.
Coinbase Institutional performs large over-the-counter trades for institutional players and high-net-worth individuals.
The recent transfer could be liquidity repositioning or portfolio rebalancing.
Notably, it coincided with an extremely severe SHIB price drop. The token plunged by more than 10% on Wednesday, and it then expanded its losses on Thursday with a 4% drop amid a broader correction of the altcoin sector.
SHIB, which was briefly ranked among the top 10 cryptocurrencies by market cap in 2021, has now dropped out of the top 25, according to CoinGecko data.
Vladislav Sopov
U.Today Editorial Team