189 BTC large transfer into Copper, what does the on-chain activity of the anonymous address reveal

2026-01-27 21:51:16

According to the latest news, at 05:48 on January 28, 2026, Beijing time, 189 BTC flowed into Copper after passing through an intermediary from an anonymous address. This transaction amounts to approximately $16.83 million, reflecting the on-chain movement of large-scale funds.

Transaction Chain and Data Overview

The complete transfer path is: anonymous address (starting with 3LvKkH5W…) first transferred to another anonymous address (starting with 3AmbB6b…), which then transferred 188.99 BTC to Copper. Throughout the process, the transfer amount remained around 189 BTC, indicating a planned large single transaction.

Transaction Data Summary

Indicator	Value
Transfer Amount	189 BTC
USD Value	approximately $16.83 million
Time of Occurrence	2026-01-28 05:48
Transfer Path	Anonymous Address → Relay Address → Copper
Data Source	Arkham

The current BTC price is $89,163.86, with a 24-hour increase of 1.36%, and a market share of 59%. At this price level, the inflow of 189 BTC is indeed a significant institutional-level operation.

On-Chain Features of Anonymous Transfers

A notable characteristic of this transfer is the use of a two-step process rather than a direct transfer from the source address to Copper. This operational approach can have several possible explanations:

Risk Isolation: Using relay addresses to reduce the risk of source address identification
Operational Compliance: Meeting internal procedural requirements of certain institutions
Fund Verification: Conducting fund validation or test transfers
Transaction Arrangement: Possibly involving multi-party agreements or split operations

From on-chain data, this is not an arbitrary transfer but a deliberately designed fund flow.

Market Significance from Multiple Perspectives

Institutional Fund Movements

The large transfer of 189 BTC typically indicates institutional-level fund activity. Copper, as the recipient, could be an exchange, custody provider, or other crypto financial service provider. Such transfers often represent fund movements between custodians or preparatory steps for large transactions.

On-Chain Activity

With Bitcoin’s market share at 59%, the frequency and scale of large on-chain transfers often reflect market participant activity. This transfer occurring during early morning hours suggests continuous trading by global market participants.

Price Stability Signals

While a single large transfer does not directly determine price direction, it can reflect fund flows within the market. In the context of Bitcoin’s recent 1.36% daily increase, inflows of large funds are often seen as bullish signals.

Follow-up Focus

Based on historical experience, such large transfers tend to attract market observers’ attention. Key points to monitor include:

Subsequent actions by Copper after receiving these funds
Whether other large transfers follow
Actual impact on BTC price trends
Public statements or explanations from relevant institutions

Summary

This large transfer of 189 BTC indicates active on-chain fund movement. The use of anonymous and relay addresses suggests that large fund managers prioritize privacy and risk isolation. Against the backdrop of Bitcoin’s stable upward trend and high market share, institutional-level fund flows warrant ongoing attention. While on-chain data cannot directly predict market movements, it helps us understand the behavior patterns and fund dynamics of market participants.

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