CryptoQuant shared data on Friday that 13,000 Bitcoins were withdrawn from Coinbase by US hedge funds as their demand increased.
CryptoQuant analytics company chief Ki Young Ju announced in a recent tweet that 13,000 bitcoins were purchased on Friday and moved from Coinbase, the largest digital exchange in the US.
According to Ju, Bitcoin was bought by US financial institutions that accumulate Bitcoin as it was traded with a correction. This Bitcoin was worth $ 624 million. Each BTC was purchased at $ 48,000.
Bitcoin gains as buying pressure increases
On Friday, 13,000 Bitcoins were purchased when Bitcoin managed to rise from the $ 45,000 zone to $ 48,000 and then back to $ 45,000.
At the time of writing, Bitcoin is changing hands at $ 46,613. The purchased Bitcoin has been moved from Coinbase to cold wallets.
While the crypto engine undergoes a correction, hedge funds continue to buy to lock it down.
Ki Young Ju also tweeted that the Coinbase premium is rising. This suggests that there is strong spot buying pressure on Bitcoin.