Financial institutions have moved 48,000 Bitcoins from Coinbase; historically this signifies a price surge, CryptoQuant CEO believes
Ki Young Joo, CEO of South Korean analytics company Cryptoquant, has shared a screenshot that shows a massive bitcoin withdrawal from Coinbase, the largest US exchange. The transaction took place on 18 October.
He stated that all this crypto was shifted off its wallets by financial institutions. This is the equivalent of nearly $1 billion at the current BTC/USD exchange rate.
Institutions Move BTC to Cold Storage, Expect Price Increase
an earlier post A Cryptoquant analyst reveals that the withdrawn BTC was held on Coinbase Pro for a period of three to five years, so this bitcoin can be said to be “dormant”.
The 48,000 BTC were split into three lumps — 11,280 BTC; 4,560 BTC and 32,000 BTC.
CEO Kee Young Joo tweeted that this bitcoin was given to institutional clients.
He also attached a tweet from October with a screenshot showing that, historically, the Bitcoin price showed a substantial rise after financial institutions entered Bitcoin. Apparently, he expects the price of the flagship crypto to shoot up once again now, after this withdrawal from Coinbase.
Whales’ BTC Holdings Rise to ATH
The sentiment data aggregator has reported that whales have been scouring bitcoin lately. According to his recent tweets, small and medium-sized wallets holding between 0.1 and 10 BTC have increased the supply of the major crypto to a historic peak of 15.9% of the circulating supply.
Large wallets (10,000-100,000 BTC) have surged in number and reached a peak since February last year. However, wallets that contain between 100 and 10,000 Bitcoins have hit a three-year low and are holding 45.6% of the supply in circulation.
