30,000 Bitcoin Are Moved Out Of Coinbase Exchange In Single Day

Crypto analytics firm CryptoQuant’s CEO recently gave some startling facts about a massive outflow of Bitcoin (CRYPTO: BTC) from the crypto exchange Coinbase Global Inc (NASDAQ: COIN).

What Happened: According to Ki Young Ju 30,000 Bitcoin worth over $1.21 billion was transferred from the coffers of Coinbase. 

30k $BTC flowed out from Coinbase today.

Institutional buys might be the big narrative again because the Executive Order did not create any hurdle.

h/t @burak_tamac

Live Chart 👇https://t.co/3ZifmxFo1j pic.twitter.com/KjA7OpefMd

— Ki Young Ju 주기영 (@ki_young_ju) April 15, 2022

Those Bitcoins, he said, were most likely purchased by institutional investors in over-the-counter deals.  

Ki Young Ju added that institutional investors might become more active in the market with President Joe Biden’s support for the crypto industry.

Some of the BTC flowed into the existing cold wallets, but it seems to be not that big.

This kind of transaction seems to happen only when Coinbase decided to move a significant amount of BTC.

It's highly likely towards Coinbase Custody wallets for OTC deals from institutions.

— Ki Young Ju 주기영 (@ki_young_ju) April 15, 2022

“Old Bitcoin whales could be behind the recent sell-side pressure while institutional investors are buying the dips,” he added. 

🐳 Bitcoin old whales in two weeks ago:
$47k sounds expensive. Let's dump it here.

🏛️ Institutions today:
$40k sounds cheap. Let's stack some $BTC.

Speculative guess but this fight seems to create a broad range sideways.

Live Chart 👇https://t.co/ZD22chKilJ https://t.co/e8Hwuo3yo9 pic.twitter.com/YeMgqP87Bh

— Ki Young Ju 주기영 (@ki_young_ju) April 15, 2022

At the time of writing, Bitcoin was trading at $40,266.41, down 0.14% in the last 24 hours, and lower by 6.83% in the last seven days. 

Also Read: $1B In BTC Flows Out Of Crypto Exchange Platforms In Just 24 Hours: Report