More Strategy BTC purchase suspected as Coinbase Prime moves Bitcoin in unusual pattern

Recent movements of funds from Coinbase Prime caused speculation that Michael Saylor’s Strategy has returned to buying Bitcoin (BTC). After the recent market drawdown, renewed buying may signal long-term confidence. 

On-chain data noticed unusual outflows of 19,984 BTC from Coinbase Prime. The outflow was suspected to be linked to Strategy making another Bitcoin (BTC) purchase. For now, Strategy has mostly gone without new additions to its treasury, and a purchase of that size would be unusual.

Strategy has hinted at new business models in addition to purchasing BTC but has hinted at continuing its model of acquiring BTC with stocks or debt.

More BTC has been moved from Anchorage as well. Even if Strategy is not the buyer, the whale moves show the BTC market is not stagnant, and is still driven by large-scale players. Anchorage also sent out BTC to whale wallets in the past three days, including one transaction of 162 BTC.

🚨🚨🚨 Coinbase Prime has moved 19,984 Bitcoin in an unusual pattern, a potential purchase by Saylor.
More details may emerge on Monday. https://t.co/pFdFglyAzd

— Sani | TimechainIndex.com (@SaniExp) March 14, 2025

The scrutiny of whale movements, especially from OTC desks, is seen as a vote of confidence for BTC. The leading coin is outperforming other assets but shows signs of capitulation and price weakness. Renewed buying from whales, and especially Strategy, may be one of the signs that the 2025 bull market is intact.

After the recent reports of whale activity, BTC recovered close to the $85,000 level, potentially signaling a relief from the recent capitulation and selling. In the past few days, long liquidations slowed down, as excess liquidity was flushed. The market is closely watched for another recovery.

Other whale movements of over 1,000 BTC were noticed in the past day. There is still no consensus on whether the coin flows are bullish or a preparation for further selling. 

Buying pattern points to Strategy purchases

One of the reasons to suspect that Strategy has renewed its buying is its usual pattern of using Coinbase Prime and Anchorage. So far, there is no direct evidence of the actual inflows and Strategy’s balance balance has not been updated either. 

Strategy still reports 499,096 BTC in its portfolio. The balance has not moved, even after a planned sale of a convertible stock with the intent to raise up to $21B. The new stock issuance is still in its early stages, and most probably has not translated into market buying. 

Strategy does not usually mention its plans to buy BTC, and the purchases are reflected after the fact. Often, these purchases have led to significant BTC rallies when they were announced. Even outside direct buying, Strategy continues to establish its position as a long-term holder. The firm’s treasury is the 14th largest corporate reserve, if BTC is considered a cash-like asset. 

Strategy's treasury ranks 14th among S&P 500 companies. pic.twitter.com/zmRG7tm20z

— Strategy (@Strategy) March 12, 2025

At the same time, other corporate treasuries have grown, as smaller buyers tried to copy Strategy. Among the top recent buyers, MARA Holdings, Riot Platforms, Hut8 and Metaplanet increased their BTC holdings. 

In addition to Strategy, there are another 22 companies with significant treasuries over 1,000 BTC. Tesla, Inc. may be excluded for its passive holding, but other firms have a strategy of increasing their BTC reserves through mining or other purchase mechanisms. 

BlackRock also renewed buying

Coinbase Prime also saw several outgoing transactions to BlackRock wallets. In total, the fund acquired another $25M in BTC for the short term. 

The recent market shakedown, where new buyers capitulated, was also seen as a sign that whales were preparing to buy more BTC from retail. BlackRock, who sold during the February drawdown, is returning to net inflows for its IBIT ETF. 

The recent buying from the BlackRock and VanEck ETF is still tentative compared to demand in the past. Overall BTC demand remains slow, and retail wallets are selling at a loss after buying at a higher rate. In March, around 88% of addresses were still in profit, but some holders panic-sold and deepened the recent drawdown.

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