Coinbase misses over $593m Bitcoin in 24 hours, as BTC ETF inflows

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Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a writer at Right for Education, Libertist Centre for Education, Qwenu, and Editor at Gamji Press, UDUS.

In less than 24 hours, the American cryptocurrency exchange platform, Coinbase, has missed a total sum of $593,723,561 million Bitcoin as a result of BTC ETF inflows.

Currently, Bitcoin trading for $36,331 suffering an 8% down. Given the fact, that the crypto market is glimpsing a dramatic sell-off with enormous amounts of Bitcoin being moved around.

According to the data-tracking bot, WhaleAlert discovered that nearly 16,000 BTC was transferred from Coinbase to an unknown wallet in two separate transactions on the same day.

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“A total sum of 7,794 BTC was transferred first worth $293,180,231 million and 8,000 BTC transferred second worth $300,543,330 million.”

BitInfoCharts noted that the wallet presently has 19,244 BTC worth $699.1 million. It first went live in February, with the single previous transaction being a 3,449 Bitcoin deposit.

However, a market researcher, Jan Wüstenfeld noticed huge inflows into the Purpose Bitcoin Spot ETF, which is unrelated to the whale Coinbase action.

According to him, the biggest inflow ever was recorded yesterday for the Bitcoin Purpose spot ETF. More than 2,900 BTC was added within 24 hours, with 34,400 BTC and roughly 2,000 BTC taken away from the all-time high.

Purpose was the first exchange-traded fund in North America when it debuted on the Toronto Stock Exchange in February 2021, with investors exchanging $165 million in shares. 

On the other hand, ETFs are regulatory-compliant investment instruments offered to both regular traders and institutions. With the ETFs individuals who may not feel comfortable buying BTC directly or institutional investors who may be limited by investment regulations can now obtain exposure to BTC through a familiar investment vehicle that can be purchased from any brokerage.

According to Purpose CEO, Som Seif remarked that investment opportunities came along with the rising understanding that BTC was a new asset class. Then, he noted that as the first and largest asset in the new cryptocurrency ecosystem, Bitcoin is primed to maintain its growth trajectory and adoption as an alternative asset.

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