BlackRock Bitcoin ETF Acquires Bulk Bitcoin Transfer from Coinbase

BlackRock Bitcoin ETF Acquires Bulk Bitcoin Transfer from Coinbase

BlackRock’s iShares Bitcoin Trust recently acquired a substantial amount of Bitcoin from Coinbase Prime.

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BlackRock’s iShares Bitcoin Trust recently acquired a substantial amount of Bitcoin from Coinbase Prime.

According to a tweet from Lookonchain, the trust received 6,495 BTC, valued at approximately $254.7 million, from Coinbase Prime just seven hours ago.

This acquisition has increased the trust’s total Bitcoin holdings to 39,925 BTC, equivalent to an estimated value of $1.59 billion.

Grayscale outputs

Grayscale, a major player in this field, has seen a notable outflow of funds.

As James Butterfill reported, Grayscale recorded outflows worth around $505 million yesterday, although this was partially mitigated by inflows into newer ETFs totaling around $396 million.

Related
SEC increases pressure on Ripple with its latest move

Grayscale capital outflows remain the main bearish factor for the cryptocurrency industry, and inflows into ETFs like BlackRock’s iShares Bitcoin Trust are so far struggling to overcome them.

Bitcoin Turbulence

The cryptocurrency market is currently going through a volatile phase, especially for Bitcoin.

Amid these market movements, industry experts like Fidelity CEO Jurrien Timmer predict continued volatility in the price of Bitcoin.

Timmer’s analysis, full of cautious optimism, argues that the SEC’s approval of Bitcoin ETFs marks a significant step toward the cryptocurrency’s maturity, but also introduces greater volatility.

The future trajectory of Bitcoin’s value is now closely tied to the performance of these ETFs.

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