The Coin Leaks News: The CEO of the world’s leading On-chain Analytics firm CryptoQuant has revealed a massive exodus of Bitcoin (BTC) from the US-based cryptocurrency exchange Coinbase.
Ki Young Ju tells his 289,600 followers on Twitter that the sum of 30,000 Bitcoin worth more than $1.21 billion were removed from the bank accounts of Coinbase on Friday.
As per Ki Young Ju, the Bitcoin stash was likely bought by investors from institutional investors through OTC (OTC) transactions.
“Some part of BTC went into existing cold wallets, however it appears to not be so big.
This type of transaction is likely to occur only at the point that Coinbase made the decision to transfer an enormous amount of BTC.
It’s very likely to be Coinbase Custody wallets for OTC deals with institutions.”
The CryptoQuant CEO also believes that institutions could be much more involved in cryptocurrency, as the executive order issued by US President Joe Biden last month was mostly supportive of the crypto sector.
“Institutional purchase” could be the most popular story since they are not a problem. Executive Order did not create any obstacle.”
As per Ki Young Ju, the Bitcoin stash is most likely to have been purchased by institutions as part of OTC (OTC) transactions.
“Some from the BTC was deposited into existing cold wallets, however it doesn’t appear to be so big.
This type of transaction is likely to occur only in the event that Coinbase made the decision to transfer large amounts of BTC.
It’s very likely to be Coinbase Custody wallets for OTC deals with institutions.”
The CryptoQuant CEO also believes that institutional investors could become increasingly active on the crypto market due to the executive order issued by US President Joe Biden last month was generally supportive of the cryptocurrency sector.
“Institutional purchases could be the most popular story due to the fact that it appears that the Executive Order did not create any obstacle.”
The chief of the analytics firm says that the old Bitcoin whales might be responsible for the recent sell-side anxiety, while institutional investors are taking advantage of the dips.
“Bitcoin old whales two weeks the price was $47,000. That’s expensive. Let’s take it off the table.
Today’s institutions can be expensive. $40,000 sounds like a bargain. Let’s put $BTC in a stack.
A guess based on speculation, but this fight appears to be creating a wide spectrum of possibilities.”
