Another large withdrawal from Coinbase set off alarms this afternoon after 475 BTC - worth over $51 million - moved to an unidentified wallet. Given the size and timing of the exit, it was a bit of a surprise. But when things calmed down, it became clear what really happened: this was not a whale fleeing the market - it was Fidelity restocking its ETF cold storage. Blockchain records show that the transaction started at Coinbase and ended up in a wallet connected to Fidelity's Wise Origin Bitcoin Fund (FBTC), which means it was part of a daily asset grab. FBTC has been one of the most active players in the U.S. spot Bitcoin ETF space. Just last week, it had the highest single-day inflow of any U.S. Bitcoin ETF - $165.52 million on June 27. 🚨 🚨 🚨 474 #BTC (51,175,787 USD) transferred from #Coinbase to unknown wallethttps://t.co/hgV32XRohZ — Whale Alert (@whale_alert) June 30, 2025 With over $21.5 billion in net assets and a 1.01% share of the total BTC supply, Fidelity is quietly amassing more than most people realize. The latest information from Arkham shows that the wallet now has 5,072 BTC, worth over $545 million. With demand for spot ETFs on the rise and daily net inflows across the U.S. market hitting $501 million just last Friday, it is clear that institutions are showing no signs of slowing down. Coinbase might be the starting point, but the end game is happening off-screen – in vaults, not hot wallets. The next time BTC leaves a major exchange in big numbers, we might be asking not who's selling, but which ETF is buying.