CryptoQuant CEO Ki Young Ju noted that over half a billion dollars in Bitcoin was sent from the Coinbase cryptocurrency exchange to the Coinbase Custody platform. Is this the purchase of another institutional customer?
CryptoQuant analyzes BTC flows
The company’s CEO tweeted that 13,390 BTC had been transferred from the exchange to the cryptocurrency storage platform, Coinbase Custody.
This amount of BTC is worth approximately $ 633,000,000 at the time of this writing.
13k $ 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 48k price.
This is the strongest bullish signal I’ve ever seen.
– Ki Young Ju 주기영 (@ki_young_ju) February 25, 2021
Large BTC transfers from centralized exchanges are usually seen as very bullish signals. As the portal explains DailyHodlthe point is that a significant amount of Bitcoin “Moves away from where it could be sold on the open market.”
Ju also believes that new traffic on the BTC network means institutional buyers are still interested in the cryptocurrency. Especially now that the correction takes place, which has led to Bitcoin’s price dropping to around $ 44,000.
A few hours ago, 13,000 BTC leaked from Coinbase.
It looks like these BTC have made their way into many Coinbase custody wallets. US institutional investors continue to buy Bitcoin at 48,000. This is the strongest bullish signal I have ever seen
– added the head of CryptoQuant.
Previously, Ju pointed out that Coinbase’s bigwigs appear to be protecting the $ 44,000 level. This was to suggest that the price of the cryptocurrency will not fall below this level.
Institutions remain cautious about cryptocurrencies
Damien Vanderwilt, the co-president of Galaxy Digital, added some tar to this honey. During an interview with Bloomberg, he admitted that institutions are still cautious about BTC.
– When I think about the discussions we have with corporations and institutional clients and any part of these environments when considering investing in the sector [kryptowalut], the first concern is security and whether the assets they buy will be safe and liquid Vanderwil said. – A second-tier problem, especially with businesses, is the approach to taxation and the way – particularly under GAAP accounting in the US – Bitcoin is viewed as an intangible asset – added.