Coinbase loses $593,000,000 in Bitcoin (BTC) in less than a day as BTC ETF inflows see massive surge
Huge amounts of Bitcoin (BTC) are being shuffled around as crypto markets experience a sudden sell-off.
Data-tracking bot WhaleAlert revealed that nearly 16,000 BTC were moved from Coinbase to the same undisclosed wallet in two separate transactions on the same day.
The first transfer of 7,794 BTC was worth $293,180,231 and the second of 8,000 BTC was worth $300,543,330.
BitInfoCharts says the wallet now holds a total of 19,244 BTC worth $699.1 million. It first came online in February, with the only previous activity being a 3,449 bitcoin deposit.
Regardless of the whale’s Coinbase activity, market analyst Jan Wüstenfeld observed significant inflows into the Purpose Bitcoin Spot ETF (Exchange Traded Fund).
“Wow! The biggest inflow ever was recorded for the Bitcoin Purpose Spot ETF yesterday. More than 2,900 BTC were added in one day.
[Assets under management] it is currently at 34,400 BTC and around 2,000 BTC away from the all-time high.”
Source: Jan Wüstenfeld/Twitter
Back in February 2021, Purpose became the first exchange-traded fund in North America when it debuted on the Toronto Stock Exchange, with investors exchanging $165 million worth of shares.
ETFs are regulatory compliant investment vehicles available to both retail traders and institutions.
Som Seif, CEO of Purpose, said that investment opportunities have come with increasing recognition that BTC is a new asset class.
“We believe that as the first and largest asset in the burgeoning cryptocurrency ecosystem, Bitcoin is poised to continue its growth trajectory and be embraced as an alternative asset.”
At the time of writing, Bitcoin is down 8% and is trading at $36,331.
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