The CEO of leading on-chain analytics firm CryptoQuant is revealing a massive outflow of Bitcoin (BTC) from US-based crypto exchange Coinbase.
Ki Young Ju tells his 289,600 Twitter followers that 30,000 Bitcoin worth over $1.21 billion were transferred from the coffers of Coinbase on Friday.
[adinserter block="1"]“30,000 BTC flowed out from Coinbase today.”
According to Ki Young Ju, the Bitcoin stash in question was most likely purchased by institutional investors in over-the-counter (OTC) deals.
“Some of the BTC flowed into the existing cold wallets, but it seems to be not that big.
This kind of transaction seems to happen only when Coinbase decided to move a significant amount of BTC.
It’s highly likely towards Coinbase Custody wallets for OTC deals from institutions.”
The CryptoQuant CEO also says that institutional investors might become more active in the market as the executive order signed by US President Joe Biden last month was largely supportive of the crypto industry.
“Institutional buys might be the big narrative again because the Executive Order did not create any hurdle.”
The analytics firm head adds that old Bitcoin whales could be behind the recent sell-side pressure while institutional investors are buying the dips.
“Bitcoin old whales in two weeks ago: $47,000 sounds expensive. Let’s dump it here.
Institutions today: $40,000 sounds cheap. Let’s stack some $BTC.
Speculative guess but this fight seems to create a broad range sideways.”
Bitcoin is trading at $40,520 at time of writing.
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