30,000 Bitcoins Streaming From Coinbase » Crypto Insiders

30.000 bitcoins stromen weg bij Coinbase exchange

The Bitcoin (BTC) The blockchain gives us the opportunity to closely monitor all transaction flows. Every now and then, notable transactions emerge, including this weekend. The CEO of blockchain analysis platform CryptoQuant said that as many as 30,000 bitcoins have moved away from the cryptocurrency exchange. Queen Piece

Huge Bitcoin Stream on Coinbase

In a tweet, CEO Ki Young Ju explained that Coinbase is seeing a huge influx of bitcoin. The 30,000 bitcoins are worth about 1.1 billion euros.

“30,000 BTC flowed from Coinbase today.

Institutional buyouts again could be the big story behind this, because the executive order didn’t create an obstacle.”

As can be seen from the chart, previous spikes in stock outflows have been accompanied by price increases. However, this of course does not guarantee that this can happen again. The big question, of course, is who was behind these flows.

Perhaps there is not a single investor in Bitcoin

These outflows are often referred to as rising Understood. Once more bitcoin investors take their bitcoins away from exchanges like PetavavoThis could be a sign that they expect price increases and therefore prefer to hold their cryptocurrencies for the long term. The safest way to do this is to withdraw the cryptocurrency from the exchange and store it in your bitcoin wallet.

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However, this probably does not directly relate to investors. For example, in response to the above tweet, it was noted that such transactions are often the result of an exchange redistributing its bitcoin balance. However, Young Joo believes that the 30,000 bitcoins that have flown in have likely gone to other Coinbase service wallets and could be offered to major institutional investors:

“It seems that such transactions only happen when Coinbase decides to transfer a large amount of BTC.

It is very likely in the direction of Coinbase Custody wallets for OTC deals with institutional investors.”

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