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December 5, 2022
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Bitcoin

Stay tuned: 12,354 BTCs were moved from Coinbase in one hour

Not long ago, analytical data emerged showing that, in just one hour, an impressive 12,354 BTCs were purchased at Coinbase and withdrawn to cold wallets.

Moskovski Capital’s CIO shared a Glassnode chart showing that, within an hour, a large number of BTCs – 12,354 currencies – were moved from the main United States-based crypto exchange, Coinbase, which recently became a public company by through a Nasdaq listing.

The dollar equivalent of the withdrawn BTC is $ 688,345,113. The author of the post believes that this may well be the work of financial institutions.

Image via Twitter

In the previous incidence of similar Coinbase BTC exits covered by U.Today, these jaw-dropping withdrawals were made by financial institutions that stockpiled Bitcoin in the fall.

At that time, there were 11,800 BTCs. Currently, 12,638 BTCs have been moved from Coinbase.

Bitcoin flows to various exchanges, shows CryptoQuant

The CEO of the CryptoQuant analytics platform, Ki Young Ju, shared similar data. However, it was more general and collected from several digital exchanges.

The exchange flow indicator for BTC was negative on several exchanges, meaning that Bitcoin was moved from these platforms in large quantities.

7487_1

Image via Twitter

In addition to Bitcoin, whales and financial institutions have been actively moving the second largest currency, Ethereum, according to another shared image by the CEO of CryptoQuant.

Source: U.Today

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