According to CryptoQuant data, more than 14,600 Bitcoins (BTC) came out from the Coinbase Pro wallet yesterday evening. It is thought that the transaction, which caused a large decrease in stock exchange reserves, was made by institutional investors.
14,666 Bitcoins that came out of the exchange wallet raised question marks. CryptoQuant CEO Ki Young Ju has speculated that this is a purchase transaction. However, it is possible that this is an ordinary internal transfer or shooting process.
“They may be buying from the bottom”
Institutional investors can choose over-the-counter (OTC) desks when making large-scale transactions. Since the wallets used by Coinbase are integrated with these tables, Bitcoins from the Coinbase Pro wallet can be perceived as corporate purchase signals.
The fact that last night’s transaction was split into several different wallets strengthens the possibility of this being an “internal transfer or corporate purchase”. Ki Young Ju opted for the second possibility, saying, “Institutional investors may continue to buy from the bottom.” said.
Bitcoins, which are sold at $ 55,137 per unit at the time of the transaction, total $ 808 million.
“No comment” comment
Ki Young Ju shared an additional chart while wondering what this process could mean. Here, you can see how the price moved when Bitcoin exited from the Coinbase Pro wallet.
Arrows drawn over historical data indicate that the price is in an upward trend. Young Ju chose not to articulate this and “comment”.
CryptoQuant and Glassnode had an argument over the accuracy of 18,961 Bitcoins thought to have been sent to Gemini last week. The Bitcoin price, which declined after this dispute, is being traded at $ 53,759 at the time of writing.