Arkham has labeled the Bitcoin addresses associated with CoinShares' Physical Bitcoin ETP (BITC), bringing full on-chain visibility to the product's holdings. BITC currently holds 20,652 BTC valued at approximately $1.53 billion across 98 addresses, though only two remain active today. The largest single address contains 15,359.46 BTC worth roughly $1.13 billion and was first funded in March, consolidating the bulk of the ETP's reserves into one wallet. The labeling allows traders and analysts to track CoinShares' physical Bitcoin custody movements in real time.