Coinbase Loses $593,000,000 in Bitcoin (BTC) in Less Than a Day As BTC ETF Inflows See Massive Spike

Massive quantities of Bitcoin (BTC) are being shuffled around as the crypto markets witness a sudden sell-off.

The data-tracking bot WhaleAlert revealed that nearly 16,000 BTC was moved off of Coinbase in two separate transactions on the same day to the same unknown wallet.

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The first transfer of 7,794 BTC was worth $293,180,231 and the second of 8,000 BTC was valued at $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 deposit of 3,449 Bitcoin.

Unrelated to the whale 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 yesterday for the Bitcoin Purpose spot ETF. More than 2,900 BTC added within one day.

[Assets under management] with that is currently at 34,400 BTC and roughly 2,000 BTC away from the all-time high.”

Source: Jan Wüstenfeld/Twitter

Back in February of 2021, Purpose became the first exchange-traded fund in North America when it debuted on the Toronto Stock Exchange and investors exchanged $165 million worth of shares.

ETFs are regulatory-compliant investment vehicles available to both retail traders and institutions.

Purpose CEO Som Seif said that investment opportunities came along with the increased recognition that BTC was a new asset class.

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“We believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as an alternative asset.”

At time of writing, Bitcoin is down 8% and trading for $36,331.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/atk work/Andy Chipus

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