BlackRock Bitcoin ETF Acquires Massive Bitcoin Transfer from Coinbase
BlackRock’s iShares Bitcoin Trust has 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 total Bitcoin holdings of the trust to 39,925 BTC, amounting to an estimated value of $1.59 billion.
Outflows from Grayscale
Grayscale, a significant player in this field, has experienced a remarkable outflow of funds.
As reported by James Butterfill, Grayscale saw outflows amounting to about $505 million yesterday, though this was partially mitigated by inflows into newer ETFs totaling around $396 million.
Grayscale’s 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 outpace them.
Bitcoin turbulence
The cryptocurrency market is currently experiencing a volatile phase, particularly for Bitcoin.
Amid these market movements, industry experts like Fidelity Executive Director Jurrien Timmer are predicting continued volatility in the Bitcoin price.
Timmer’s analysis, filled with cautious optimism, argues that the SEC’s approval of Bitcoin ETFs marks a significant step toward the cryptocurrency’s maturity, but it also introduces greater volatility.
The future path of Bitcoin’s value is now closely tied to the performance of these ETFs.
