Coinbase Prime, the institutional arm of major cryptocurrency exchange Coinbase, has transferred 70.934 Bitcoin (BTC), worth approximately $4.66 million, to the Grayscale Bitcoin Mini Trust. The transaction occurred approximately 23 minutes ago, according to data from blockchain analytics firm Arkham Intelligence. The transfer suggests that institutional investors are continuing to accumulate Bitcoin despite recent market volatility. Grayscale Bitcoin Mini Trust is a popular investment vehicle for institutional investors who want to gain exposure to Bitcoin without having to directly purchase and store the cryptocurrency themselves. The transfer from Coinbase Prime to Grayscale Bitcoin Mini Trust is the latest in a series of large Bitcoin transactions that have been processed by Coinbase Prime in recent months. In January, Coinbase Prime transferred $1.8 billion worth of Bitcoin to an unknown wallet. In February, the company transferred $1.2 billion worth of Bitcoin to the Grayscale Bitcoin Trust. These large transactions suggest that institutional investors are increasingly turning to Coinbase Prime for their cryptocurrency custody and trading needs. Coinbase Prime offers a range of services that are tailored to the needs of institutional investors, including custody, trading, and lending.

#BTC