Half a billion dollars of Bitcoin withdrawn from Coinbase
Ki Young Ju shared a chart showing Coinbase Pro Bitcoin (BTC) outputs based on CryptoQuant’s data. According to the chart, Coinbase Pro bid farewell to more than 15,260 Bitcoins.
Massive Coinbase outflows. 15k $BTC at 32.4k
Looking at the TX, it went to custody wallets that only have in-going transactions. It's likely to be OTC deals from institutional investors.
I believe this is the strongest bullish signal.
— Ki Young Ju 주기영 (@ki_young_ju) February 1, 2021
Normally, the outputs in the Pro arm of Coinbase established for advanced traders (the total amount of BTC transferred from Coinbase Pro wallets) does not exceed 4-5 thousand Bitcoins. A similar amount mined from Coinbase Pro coincided with the last “drop” before the latest Bitcoin (BTC) hit an all-time high of over $ 42,000.
Ki Young Ju noted that the leading cryptocurrency changed hands at $ 32,400 during the transaction. Thus, the amount of this transfer in USD comes to $ 494,424,000.
Are the institutions back?
The analyst shared the details of the wallet recipients of this transfer. According to Ki, they are all wallets with only active incoming transactions. So, according to the analyst, half a billion dollars likely went to large-scale institutional buyers via “over the counter” (OTC).
At the same time, Coinbase Pro is not the only exchange where large withdrawals take place. Alistair Milne, chief investment officer of Altana Digital Currency Fund, shared a list of major exchanges showing net Bitcoin (BTC) withdrawals and deposits in the past 24 hours.
— Alistair Milne (@alistairmilne) January 31, 2021
According to the list, whales carried over 6,200 Bitcoins (BTC) from Binance and OKEx, while those in Huobi transferred 1,079 BTC.
Bitfinex, on the other hand, is the only top-tier exchange that has seen a plus a daily supply change. They added 1,245 BTC to their on-platform wallet.
Bitcoin (BTC) has risen by almost $ 2K at the time of writing since Coinbase Pro witnessed the aforementioned transaction. Another reason for this rise may be Elon Musk’s re-announcement of Bitcoin support.