Crypto analytics firm CryptoQuant’s CEO recently gave some startling facts about a massive outflow of Bitcoin BTC/USD from the crypto exchange Coinbase Global Inc COIN.
What Happened: According to Ki Young Ju 30,000 Bitcoin worth over $1.21 billion was transferred from the coffers of Coinbase.
30k $BTC flowed out from Coinbase today.— Ki Young Ju 주기영 (@ki_young_ju) April 15, 2022
Institutional buys might be the big narrative again because the Executive Order did not create any hurdle.
Live Chart 👇https://t.co/3ZifmxFo1j pic.twitter.com/KjA7OpefMd
Those Bitcoins, he said, were most likely purchased by institutional investors in over-the-counter deals.
Ki Young Ju added that institutional investors might become more active in the market with President Joe Biden’s support for the crypto industry.
Some of the BTC flowed into the existing cold wallets, but it seems to be not that big.— Ki Young Ju 주기영 (@ki_young_ju) April 15, 2022
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.
“Old Bitcoin whales could be behind the recent sell-side pressure while institutional investors are buying the dips,” he added.
🐳 Bitcoin old whales in two weeks ago:— Ki Young Ju 주기영 (@ki_young_ju) April 15, 2022
$47k sounds expensive. Let's dump it here.
🏛️ Institutions today:
$40k sounds cheap. Let's stack some $BTC.
Speculative guess but this fight seems to create a broad range sideways.
Live Chart 👇https://t.co/ZD22chKilJ https://t.co/e8Hwuo3yo9 pic.twitter.com/YeMgqP87Bh
At the time of writing, Bitcoin was trading at $40,266.41, down 0.14% in the last 24 hours, and lower by 6.83% in the last seven days.
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