CryptoQuant CEO Ki Young Ju says more than half a billion dollars worth of Bitcoin just moved off the crypto exchange Coinbase.
The CEO shared on Twitter that 13,390 BTC moved from the exchange on Thursday to the company’s crypto storage platform, Coinbase Custody.
The BTC traveling away from the trading platform is worth approximately $630,000,000 at time of writing.
Large BTC transfers off of centralized exchanges are usually perceived as bullish signals because the Bitcoin is moving away from a venue where it could be sold on the open market.
Ju also believes that the BTC movement indicates that institutional buyers are interested in BTC near its current price levels, which is a bullish indicator despite the asset’s downward price movement of late.
“13,000 BTC flowed out from Coinbase a few hours ago.
It seems those BTC went to multiple Coinbase custody wallets. US institutional investors are still buying Bitcoin at the 48,000 price. This is the strongest bullish signal I’ve ever seen.”
Earlier this week Ju pointed out that Coinbase whales appear to be protecting the $44,000 level and as such, he believes the king coin’s price will not fall much further, but will rather range sideways for a period.
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As expected, "they" protected the 44k level.
— Ki Young Ju 주기영 (@ki_young_ju) February 23, 2021
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