BlackRock Spot Bitcoin ETF Secures 591.65 BTC Valued at $36.7 Million from Coinbase Prime

On October 6, COINOTAG reported that Arkham Intelligence has analyzed significant transactions involving major cryptocurrency ETFs. The BlackRock Spot Bitcoin ETF (IBIT) was credited with an influx of 591.65 BTC extracted from the Coinbase Prime hot wallet, translating to a substantial $36.7 million. This transaction underscores the growing institutional interest in Bitcoin as a secure asset class. Additionally, the BlackRock Spot Ethereum ETF (ETHA) received a notable 5,150 ETH from the same source, valued at approximately $12.51 million. These transactions reflect a trend towards increased allocations in institutional-grade crypto products, suggesting confidence in the underlying blockchain technologies. As institutions continue to adopt digital assets, analysts anticipate further movement in the market, which may impact prices and investor sentiment in upcoming months.