Coinbase Conducts $7.7B Bitcoin Transfer Amid $4.65B Bitcoin ETF Premiere - CoinShares Buys Bitcoin ETF Provider

By: Eliza Bennet

Spot Bitcoin ETF Trading and Massive Bitcoin Transfers

The introduction of spot Bitcoin ETF trading on January 11, 2023, noticed a substantial transaction worth $4.65 billion, with primary market holders Grayscale Bitcoin Trust (GBTC), BlackRock, and Fidelity accounting for over 85% of total trade. Interestingly, GBTC witnessed a balanced trend of redemptions and purchases, which maintained a relative stability in Bitcoin's price.

Cryptocurrency enthusiasts and investors appear cautious with the ETF, potentially waiting to fully understand their impact and stability. This inaugural trading day revealed a massive latent demand shown by a whopping $7.7 billion Bitcoin transfer facilitated by Coinbase Over-the-Counter (OTC), indicating a potential substantial impact on Bitcoin's prices in the future.

CoinShares Acquires Bitcoin ETF Provider

In other related developments, CoinShares, following the SEC's approval of a spot Bitcoin ETF, has decided to exercise an option to purchase Bitcoin ETF provider Valkyrie. This decision seems to be a strategic move to position itself advantageously in the US market amidst the introduction of spot Bitcoin ETFs.