Bitcoin Holdings in One Coinbase Custody Wallet Jumped by 2.5K After BlackRock ETF Filing
The wallet previously held over 5,000 bitcoin that were deposited May 19-20, the data show.
The bitcoin (BTC) held in one Coinbase Custody wallet jumped 2,500 BTC soon after BlackRock last week, data from analytics tool CryptoQuant shows.
Coinbase Custody is a service offered by the crypto exchange that allows institutional investors to store large amounts of tokens, such as bitcoin, in a secure wallet. It will serve as the custodian for bitcoin held on BlackRock Bitcoin ETF, if the request is approved by regulators.
A wallet tracked by CryptoQuant shows the bitcoin sent to the custodial wallet came from Coinbase (COIN). A custodial wallet is different from a cold or hot wallet that Coinbase uses to store customers’ holdings, suggesting a large player probably bought the bitcoin on Coinbase and sent the holdings to the custodian wallet, as shows.
The wallet previously held over 5,000 bitcoin that were deposited between May 19 and May 20, the data show.
CryptoQuant analyst Bradley Park said in a Telegram message that BlackRock’s ETF filing may have spurred positive sentiment among bitcoin holders and investors, which could explain the transaction.
“The BlackRock effect has positively affected market sentiment and even institutions' bitcoin buying,” Park said.
Trading volumes on Coinbase have nearly doubled in the past week as bitcoin prices rose 20%. shows over $2 billion worth of tokens were traded on the exchange in the past 24 hours, double the daily average of $1 billion since the start of June.
Bitcoin trading pairs against the U.S. dollar and tether (USDT) accounted for $900 million of these volumes suggesting demand among traders as the asset broke the $30,000 mark on Thursday.
Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SharpLink Emerges as the First Public Company to Directly Distribute Equity on Ethereum, Connecting Traditional Finance with DeFi
- SharpLink Gaming becomes first public company to natively issue SEC-registered equity on Ethereum via Superstate’s Opening Bell platform. - Tokenized shares aim to bridge TradFi and DeFi by enabling AMM trading while maintaining legal equivalence to traditional equity. - Initiative aligns with SEC’s Project Crypto but faces mixed market reactions, including an 8% SBET stock drop post-announcement. - Project tests compliance-driven DeFi integration, with potential to redefine liquidity and market structur
Blocking Digital Transactions: OFAC Targets Fentanyl Distribution Network Through Cryptocurrency Sanctions
- U.S. Treasury sanctions two Indian nationals and their online pharmacy for fentanyl trafficking via cryptocurrency and encrypted platforms. - The operation sold counterfeit pills laced with synthetic opioids to U.S. consumers, deceiving them as legitimate medications like Adderall and Xanax. - Sanctions freeze assets and block transactions, targeting crypto wallets to disrupt transnational drug networks linked to U.S. opioid deaths. - The case highlights India-U.S. collaboration against cross-border traf
Fed’s Balancing Act: Controlling Inflation While Boosting Employment Under Market Scrutiny
- The U.S. Federal Reserve plans a 25-basis-point rate cut on September 17, 2025, balancing 2.9% inflation against weakening labor market data. - August nonfarm payrolls rose by 22,000, with government and energy job losses offsetting healthcare gains, while unemployment and labor participation stagnated. - Fed officials like Raphael Bostic signal high rates may persist until 2027, contrasting market expectations of 62.5 basis points of easing this year. - The decision risks market volatility and could boo
Fed’s Delicate Act: Weighing Declining Claims Against Slower Employment Expansion
- U.S. jobless claims dropped to 218,000 in late September, the lowest in two months, signaling mixed labor market resilience. - Revised data showed weaker 12-month job growth (down 911,000) and 22,000 August jobs added, prompting Fed's 25-basis-point rate cut. - Fraudulent claims in Texas skewed data, while unemployment rose for young graduates (4.59%) and white-collar workers amid AI disruption. - Market reactions included a weaker dollar and Bernstein raising IREN's price target to $75, as Fed faces bal
Trending news
MoreCrypto prices
More
