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12,354 Bitcoin Moved from Coinbase In One Hour, Possibly By Institutions: Glassnode

1 Mins read

A short while ago, analytics data emerged, saying that in just one hour a staggering 12,354 Bitcoins have been bought in Coinbase and withdrawn to cold storage vaults.

Source: u.today

According to the similar data covered by U.Today in early May and back in April, this was likely financial institutions buying the dip again.

$688,3 million in Bitcoin leaves Coinbase

CIO of Moskovski Capital has shared a Glassnode chart, showing that within an hour a massive amount of BTC – 12,345 coins – has been moved from the leading US-based crypto exchange Coinbase that has recently become a public company via a direct listing on the Nasdaq.

The USD equivalent of withdrawn BTC is $688,345,113. The author of the post ponders that this may well be financial institutions.

Image via Twitter

In the previous similar BTC outflows from Coinbase covered by U.Today, these jaw-dropping withdrawals were made by financial institutions as they stocked up on Bitcoin on the dip.

Back then, it was 11,800 BTC and 12,638 Bitcoin moved from Coinbase.

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Bitcoin outflows multiple exchanges, CryptoQuant shows

CEO of CryptoQuant analytics platform, Ki Young Ju, has shared a similar data, however, it was a more general one and collected from multiple digital exchanges.

The Exchange Flow indicator for BTC has turned negative across multiple exchanges, signifying that Bitcoin is large amounts has been moved from these platforms.

Image via Twitter

Apart from Bitcoin, whales and financial institutions have been actively moving the second largest currency Ethereum from crypto exchanges as well, according to another screenshot shared by the CryptoQuant CEO.

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