BlackRock IBIT Moves 3,441 Bitcoins

Approximately $277 million worth of Bitcoin has been transferred to BlackRock's Bitcoin spot ETF-related wallet. As Bitcoin's price fluctuates around $80,000, interest in institutional investors' buying demand is increasing. According to Arkham's on-chain transaction history on the 28th, a total of 3,441.176 BTC was moved from Coinbase Prime to BlackRock's iShares Bitcoin Trust (IBIT) related wallet in the last 3 to 5 hours. The estimated value at the time of the transaction was about $276.7 million. The transactions were carried out in several batches, mostly in units of 300 BTC, with the last transfer being an additional 141.176 BTC. The receiving wallets were distributed across several IBIT-related addresses. Coinbase Prime is a platform that provides trading and custody services for institutional investors and asset management companies, and BlackRock utilizes Coinbase's infrastructure for the custody of Bitcoin for IBIT. This transaction is noteworthy as it indicates a large movement from the wallet managing the underlying assets of the Bitcoin spot ETF. However, it is difficult to conclude that the amount of Bitcoin moved on-chain corresponds to actual new purchases.

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