Bitcoin

$ 500 million Bitcoin is leaving Coinbase as institutions buy more than miners can sell

Bitcoin (BTC) saw another $ 24,000 denial overnight on December 24thHowever, the data shows that the appetite for big purchases is only increasing.

As recorded by the chain analysis resource CryptoQuantthe exchange focused on institutions Coinbase Pro, This week he only had large withdrawals of over 12,000 BTC ($ 278 million).

Coinbase outflows exceed $ 550 million

As Cointelegraph reported, although not proven, Large individual exits indicate that a buyer has acquired a large amount of BTC and the proceeds are going to a single storage wallet.

$ 500 million Bitcoin is leaving Coinbase as institutions buy more than miners can sell
$ 500 million Bitcoin is leaving Coinbase as institutions buy more than miners can sell

“Another great exit from Coinbase a few hours ago,” Ki Young Ju, CEO of CryptoQuant, he showed On twitter.

“Institutional Investors Buy $ BTC.”

Coinbase Pro Exchange flow diagram. Source: CryptoQuant

In November, Miners have unlocked just under 28,000 BTC in block rewardsThis implicit reduction in supply is a central argument for the continuation of the upward movement in prices. This is little more than the total of the two Coinbase Pro transactions.

Grayscale leads institutions competing for BTC supply

The underlying desire to absorb the supply of Bitcoin at $ 23,000 is in opposition to external factors affecting market sentiment, mainly around Ripple’s demand in the US And the change in expectations of him Mt.Gox rehabilitation project.

Concerns that Ripple-associated Altcoin XRP could become almost nontransferable thanks to legal action appeared to be causing significant volatility in Bitcoin over the past 24 hours.

At the same time, The market awaits the distribution of funds to Mt. Gox’s creditorsafter a six year hiatus You may want to sell some or all of the BTC for 2020 pricesThis creates an additional $ 3.2 billion in sales pressure.

Beyond these short-term factors It is clear that the institutes rate Bitcoin positively overallNew obligations arise almost all the time.

Investment firm Grayscale now controls $ 16.4 billion in assets under managementadd $ 500 million in a single day, to confirm its latest data from Wednesday.

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