Flow Traders and Coinbase Prime Transfer 481 BTC to Fidelity Bitcoin ETF
CryptoNewsTerminal Staff20 Sep, 2024
Flow Traders and Coinbase Prime Transfer 481 BTC to Fidelity Bitcoin ETF
Flow Traders, a prominent crypto market maker, and Coinbase Prime, a custodian for institutional investors, have recently transferred a substantial amount of Bitcoin (BTC) to the Fidelity Bitcoin ETF address. According to data from Arkham Intelligence, Flow Traders moved 106.761 BTC, valued at approximately $6.78 million, to the ETF address around three hours ago. Subsequently, Coinbase Prime hot wallet transferred 375 BTC, worth about $23.6 million, to the same address. This significant transfer of BTC to the Fidelity Bitcoin ETF indicates the growing institutional interest in cryptocurrency and digital asset investment. The Fidelity Bitcoin ETF provides investors with exposure to the price of BTC, allowing them to gain potential returns without directly owning or storing the cryptocurrency themselves. The move by Flow Traders and Coinbase Prime further highlights the growing adoption of cryptocurrencies and digital assets by institutional investors. As the regulatory landscape for cryptocurrencies evolves and more institutional-grade solutions become available, it is likely that we will see continued growth in institutional participation in the crypto market.
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