Coinbase Institutional Sucks Up Over $275M in Bitcoin Amid ETF-Related Demand

A significant Bitcoin transfer has taken place, with 1,049 BTC worth approximately $81.5 million moving from Binance to Coinbase Institutional. This transaction is part of a larger pattern of large Bitcoin flows into Coinbase's institutional custody arm over the past two months.

The flow began on July 7, when a transfer of 1,137 BTC valued at around $72.9 million made the same journey. On August 7, another 887 BTC moved to Coinbase Institutional, worth roughly $57.7 million. Four days later, on August 11, 1,013 BTC worth about $64 million followed.

The recent transfer brings the total number of Bitcoins shifted from Binance to Coinbase Institutional in a matter of weeks to over 4,000. This is equivalent to around $275 million in aggregate value.