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Institutions buy 11,554 Bitcoins at Coinbase for $ 50,806 just before BTC’s recent spike

Another 11,500 BTCs leave Coinbase after 25,000 BTCs were previously withdrawn

Moskovski Capital CEO Lex Moskovski, shared some Glassnode reviews showing that another large batch of Bitcoin was purchased at Coinbase by financial institutions and taken out for cold storage.

Moskovski points out that this was done just before Bitcoin rose to recapture the $ 54,000 level and break above it.

This is not the first such large Bitcoin to be acquired at Coinbase by institutions and withdrawn for long-term hodling.

According to the chart, 11,554 BTC were withdrawn from the largest US-based cryptocurrency exchange on March 8 at a price of $ 50,806.

At the time of purchase, this BTC amounted to $ 587,012,524. However, as Bitcoin is trading at $ 54,188 (according to CoinMarketCap), this lot of Bitcoin is equivalent to $ 625,528,938.

Image via Twitter

In the past two weeks, large batches of Bitcoin have been purchased and withdrawn from Coinbase twice – on March 5 and February 25 – 12,000 BTC and 13,000 BTC. These purchases indicate that financial institutions are actively accumulating Bitcoin as a store of value.

In addition, this time it was shortly after the US Senate passed a $ 1.9 trillion monetary stimulus program to support the US economy weakened by the pandemic-driven crisis.

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Image via Twitter

BTC is preferred by investors to gold, said Bloomberg’s chief analyst

As U.Today previously addressed, Bloomberg’s chief commodity strategist Mike McGlone said that since 2017, investors have been delving into Bitcoin as a store of value, rather than gold.

McGlone said that gold will certainly remain in jewelry and coin collections, but Bitcoin appears to be putting it aside as a hedge against inflation.

On March 8, gold traded at $ 1,700, after reaching a historic high of $ 2,049 in August last year. At the moment, Bitcoin is changing hands above $ 54,000.

Source: U.Today

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