Crypto Quant CEO Ki Young Jo said the recent influx of 15,200 Bitcoins from Coinbase is a sign that institutions are pooling for the Bitcoin surge Next.
According to Coin Telegraph, Joe explained that recent Bitcoin (BTC) flows from Coinbase remind us of the days of proof of the keys and could be a sign of an upward future for the most famous currency in the world. And the largest at the level of the market value.
and data from the cryptocurrency analysis company, CryptoQuant, showed that more than 15,200 Bitcoins, currently valued at more than $ 515 million, were withdrawn from Coinbase on the 31st January 2021.
according to Ki Young Jo, the withdrawals went to custody portfolios containing only current transactions, and was most likely an OTC transaction from institutional investors based on Multiple Identifiers.
He also pointed to the fact that splitting a wallet containing 15,000 Bitcoins into wallets of 1,000-5,000 Bitcoin increases security costs. Moreover, most internal transfers are done in rounded amounts, such as 1,000 to 5,000 Bitcoins, while this transfer included individual batches of 1265, 2391, and 1957 Bitcoins.
regarding why Coinbase outflows are a bullish sign for the best cryptocurrency, Ki Young Jee was linked to a previous tweet from December 18 stating that Coinbase transferred a large amount of Bitcoins to other cold wallets, as this indicates direct OTC deals that are non-exchange related transactions.
As the price is ultimately set on exchanges, Joe explained, the volume of large non-exchange transactions is a bullish signal. These transactions include over-the-counter transactions.
The slow flow of institutions in the cryptocurrency sector is helping to increase the legitimacy of the cryptocurrency sector as a whole and appears to provide a certain level of support for the Bitcoin price as the available supply continues to be locked into custody wallets Cold.
While the media was reporting a drop in the price of Bitcoin from 42,000 dollars to less than 30,000 dollars as an indication that the Bitcoin bubble has re-emerged, buying 4,000 Bitcoin a day Feb 1 indicates that organizations have viewed this as an opportunity to buy the dip and take full advantage of this buying opportunity.
