Coinbase
“The churn has been broken down across a variety of wallets, which could be Coinbase hot wallets or institutional custodian wallets,” said CryptoQuant CEO Ki Yong Joo.
Coinbase’s custodial wallets are known to be directly integrated with the company’s OTC trading service. It is used by large investors to avoid pressure on the price of the cryptocurrency. Consequently, transactions on such wallets may correspond to an unannounced purchase by a large investor.
“I think it could very well be a custodian wallet, which will confirm the continued buying by institutions on the pullback,” Zhu said, stressing that this is only his speculative guess.
Continuing on this topic, the CEO of CryptoQuant provided the following chart, as he put it, without comment. The graph shows the outflows from Coinbase wallets and Bitcoin price behavior.
CryptoQuant data also indicates that over the previous two days, bitcoin balances on exchanges fell by 30,000 coins and hit a new low of around 2.3 million BTC. Coinbase previously reported thousands of large investors as its clients. The exchange reportedly helped Tesla invest $ 1.5 billion in Bitcoin and also serves several other Fortune 500 companies.
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