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GameStop, a major Bitcoin holder among publicly traded companies, has made a notable move in the crypto market. The transfer of all its Bitcoin holdings to Coinbase Prime has sparked speculation about a possible selling wave. This on-chain transfer is being closely monitored for its potential impact on Bitcoin’s price and market sentiment.
GameStop Moves 4,710 BTC to Coinbase Prime
On-chain data shows that GameStop transferred all 4,710 BTC it held to Coinbase Prime, valued at approximately $421.5 million. Coinbase Prime is typically used for institutional investors and large-scale transactions, so the timing of this move has drawn market attention. While GameStop’s on-chain wallet is now empty, the company has not issued any official statement about selling.
GameStop originally purchased its Bitcoin in May 2025, spending around $504.4 million at an average price of $107,900 per BTC. Considering current prices hovering around $89,400–$89,500, a full sale could result in a potential loss of over $80 million. Some investors interpret this as a possible sign of capitulation after Bitcoin’s prolonged sideways price action.
One of the Largest Institutional Holders
After its Bitcoin purchase, GameStop was among the top 25 institutional Bitcoin holders globally. The move reflected CEO Ryan Cohen’s strategic push for corporate Bitcoin adoption, which followed his February meetings with Strategy CEO Michael Saylor. For months, GameStop held its BTC without any activity, but in January 2026, the company transferred all its holdings to Coinbase Prime, signaling a significant market move.
Even if GameStop were to sell all its BTC, the direct market impact may be limited, since 4,710 BTC is relatively small compared to daily Bitcoin trading volumes. The greater risk lies in market psychology—news of such a transfer can trigger sentiment-driven reactions.
Indeed, following the transfer, market sentiment weakened, coinciding with:
- $103.6 million outflow from BlackRock Bitcoin ETF
- $44.5 million outflow from BlackRock Ethereum ETF
This marked the fifth consecutive net outflow day for Bitcoin ETFs.
Current Market Overview
After the transfer, Bitcoin trades around $89,500, with a slight pullback, while total crypto market capitalization stands at approximately $1.79 trillion. Any statement from GameStop could influence the short-term market direction. Although transferring Bitcoin to Coinbase Prime does not confirm a sale, it raises questions about institutional Bitcoin strategies. In combination with ETF outflows and weakening market sentiment, such developments could put short-term pressure on Bitcoin prices.
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