- The data shows that despite the short-term bearish signals, big money is still increasing the current Bitcoin supply. Bitcoin (BTC) saw a new rejection at $ 24,000 overnight on Dec. 24, but data show an increased appetite for large purchases.
The data shows that despite the short-term bearish signals, big money is still increasing the current Bitcoin supply. Bitcoin (BTC) saw a new rejection at $ 24,000 overnight on Dec. 24, but data show an increased appetite for large purchases.
As recorded by the on-chain analytics resource CryptoQuant, the stand-alone institution-focused exchange Coinbase Pro saw two major withdrawals of more than 12,000 BTC ($ 278 million) each this week.
Coinbase output exceeds $ 550 million
As Cointelegraph reported, while unproven, the only major output increases indicate that a buyer purchases a large amount of BTC and revenue has been moved to a single storage wallet.
“A few hours ago there was another major Coinbase outlet,” CryptoQuant CEO Ki Young Ju said in Twitter comments.
“Institutional investors are buying BTC.”
In November, miners unlocked just under 28,000 BTC in block rewards. This is slightly more than the sum of the two Coinbase Pro transactions. This implied supply squeeze can form a fundamental argument for the continued upward price action.
Grayscale leads organizations competing for BTC supply
Among the external factors affecting Bitcoin supply, market sentiment, especially Ripple’s US case and Mt. Gox rehabilitation operations are available.
Concerns that the Ripple token XRP could become completely unsold through legal action has led to significant fluctuations in Bitcoin in the past 24 hours.
At the same time, the market funds Mt. He is waiting for distribution to Gox victims. Mt. Gox’s creditors may be willing to sell some or all of their BTC at 2020 prices after a six-year hiatus, creating additional sales pressure of $ 3.2 billion.
However, beyond these short-term factors, it’s clear that institutions are on the rise on Bitcoin as a whole, with new commitments emerging almost constantly.
Investment giant Grayscale currently controls $ 16.4 billion in assets under management, and Wednesday’s latest data show another $ 500 million added in a single day.