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.”
30 kilo BTC dollars Streamed from Coinbase today.
Institutional purchases may be the big combo again because the executive order created no hitch.
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live graphhttps://t.co/3ZifmxFo1j pic.twitter.com/KjA7OpefMd
– Ki Young-ju 주기영 (ki_young_ju) April 15, 2022
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.
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.”
Some BTC has poured into existing cold wallets, but it doesn’t look like much.
It seems that this type of transaction only happened when Coinbase decided to transfer a large amount of BTC.
Very likely towards Coinbase Custody wallets for OTC deals from institutions.
– Ki Young-ju 주기영 (ki_young_ju) April 15, 2022