30,000 Bitcoin Are Moved Out Of Coinbase Exchange In Single Day

Crypto analytics firm CryptoQuant’s CEO recently gave some startling facts about a massive outflow of Bitcoin BTC/USD from the crypto exchange Coinbase Global Inc COIN.

What Happened: According to Ki Young Ju 30,000 Bitcoin worth over $1.21 billion was transferred from the coffers of Coinbase. 

Those Bitcoins, he said, were most likely purchased by institutional investors in over-the-counter deals.  

Ki Young Ju added that institutional investors might become more active in the market with President Joe Biden’s support for the crypto industry.

“Old Bitcoin whales could be behind the recent sell-side pressure while institutional investors are buying the dips,” he added. 

At the time of writing, Bitcoin was trading at $40,266.41, down 0.14% in the last 24 hours, and lower by 6.83% in the last seven days. 

Also Read: $1B In BTC Flows Out Of Crypto Exchange Platforms In Just 24 Hours: Report