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As Bitcoin Crossed $30K, Institutional Buyers On Coinbase Made Record Purchases

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As Bitcoin Crossed $30K, Institutional Buyers On Coinbase Made Record Purchases

Institutional buyers kept buying Bitcoin (BTC) even as its price crossed the $30,000 level, according to CryptoQuant CEO Ki Young Ju.

What Happened: Ki pointed to a chart tracking the outflows from Coinbase Pro wallets dating back to Jan. 2, when the Bitcoin price reached $32,196. 

"Coinbase outflow on Jan. 2 was an all-time high. It seems institutions bought [Bitcoin] when the price above 30k," Ki noted on Tuesday. "[Bitcoin] bull market isn't over."

The outflows recorded on the day touched 55,030, as per CryptoQuant data.

Subsequently, Ki tweeted another chart for Jan. 3, when 35,000 BTC left Coinbase in what the analyst said was most likely OTC deals.

Why It Matters: Last month, Hong Kong-based PwC Global Crypto Leader Henri Arslanian said the fear of missing out among institutional investors could lead to a further spike in Bitcoin.

The apex cryptocurrency has risen 6.67% since the year began and touched an all-time high of $34,608.56 on Jan. 3.

However, Bitcoin’s thunder has been stolen by Ethereum (ETH) of late, the second-largest currency by market capitalization, which has stormed past the key $1,000 level. 

Price Action: Bitcoin traded 5.78% lower at $30,929.61 and Ethereum traded 11.28% lower at $1,009.61 at press-time.

 

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