The Unusual Bitcoin Outflow from Coinbase
A significant Bitcoin outflow has been observed from the popular crypto trading platform Coinbase Global Inc. According to data provided by Julio Moreno, Head of Research at crypto analytics platform CryptoQuant, a total of 18,746 Bitcoin, valued at $971,781,017.48, has been moved out of the platform. Notably, these Bitcoins were transferred in two transactions within the same block.
There are different speculations regarding this movement. It could be a large investor transferring the assets for safekeeping or an internal wallet reorganization by a whale. Moreno also noted that new addresses with significant holdings of 866 Bitcoin or more are being created, indicating that the Bitcoin is going into custody.
Bitcoin Whales are Re-Strategizing
Bitcoin whales, which refer to individuals or entities holding a large amount of Bitcoin, are currently exhibiting bullish behavior. On-chain data from IntoTheBlock reveals that the total transaction volume for whale trades exceeding $100,000 has increased by 4.38% to $28.72 billion in the past 24 hours.
This surge in activity suggests growing participation from institutional investors in the Bitcoin market. Additionally, there has been a notable inflow of over $2.45 billion in the past week alone. These trends indicate increasing confidence and interest in Bitcoin among larger investors.
As of now, the price of Bitcoin stands at $51,920.60, showing a 1.2% increase in the past 24 hours. Given the positive tilt in Bitcoin outflows from Coinbase and the growing institutional involvement, it is possible that this could lead to further price surges in the long term.
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