Over the past day, about 13,000 BTC were withdrawn from the Coinbase Pro cryptocurrency exchange to custodian wallets. Analysts regard this as a “bullish signal”.
Bitcoins were moved from seven Coinbase Pro addresses, according to analyst firm CryptoQuant. The largest withdrawal amounted to 2,768 BTC worth $ 139 million, and the smallest – 579 BTC worth $ 29 million. According to the CEO of Cryptoquant Ki Young Ju, this indicates an optimistic attitude of institutional investors towards Bitcoin.
With a high degree of probability, bitcoins have been moved to Coinbase custodian wallets. Institutionals buy bitcoin even at a rate of about $ 50,000. They are not stopped either by the relatively high price of bitcoin, or by the correction of the cryptocurrency market, when bitcoin fell to $ 45,000 a few days ago.
This is the first time that there has been a large outflow of bitcoins at a rate of around $ 48,000 – $ 50,000. The last major BTC withdrawals from Coinbase were seen on January 31st and February 5th, 2021. These days, bitcoin traded around $ 34,000 and $ 38,000, respectively. At that time, Joo suggested that what was happening could have a good effect on the Bitcoin exchange rate, and he was right. Now the Cryptoquant chief has said that the recent Bitcoin withdrawal from Coinbase is “the strongest bullish signal he has ever seen.”
Many large organizations remain optimistic. They believe that the first cryptocurrency has long-term prospects, especially after Tesla bought bitcoins for $ 1.5 billion. In addition, a few days ago, MicroStrategy announced its readiness to buy BTC for another $ 1.05 billion. Institutional investors believe that bitcoin is ” in transition ”, when public companies start keeping it on their balance sheets everywhere. Microstrategy, Tesla and Square have already started this trend.