Financial institutions have moved 48,000 Bitcoins from Coinbase; historically this signifies a price surge, CryptoQuant CEO believes
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CEO of South Korean analytics company CryptoQuant, Ki Young Ju, has shared a screenshot showing a massive withdrawal of Bitcoin from the largest U.S.-based exchange, Coinbase. This transaction took place on Oct. 18.
He stated that all this crypto was shifted off its wallets by financial institutions. This is the equivalent of nearly $1 billion at the current BTC/USD exchange rate.
Institutions move BTC to cold storage, price rise expected
An earlier post from a CryptoQuant analyst shows that the withdrawn BTC had been held in Coinbase Pro for a period of three to five years, so this Bitcoin can be called “dormant.”
The 48,000 BTC were split into three lumps — 11,280 BTC; 4,560 BTC and 32,000 BTC.
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CEO Ki Young Ju tweeted that this Bitcoin was delivered to institutional clients.
He also attached a tweet from October with a screenshot showing that, historically, the Bitcoin price showed a substantial rise after financial institutions entered Bitcoin. Apparently, he expects the price of the flagship crypto to shoot up once again now, after this withdrawal from Coinbase.
JUST-IN: 48k $BTC flowed out from Coinbase today.
Looked at the transactions, and it seems they broke the old piggy bank to deliver #Bitcoin to institutional clients.https://t.co/XSZegaQNoQ https://t.co/4HD05GjOn9 pic.twitter.com/XbONCB1DXt
— Ki Young Ju (@ki_young_ju) October 18, 2022
Whales’ BTC holdings surge to ATHs
Santiment data aggregator has reported that whales have been scooping up Bitcoin recently. According to its recent tweets, small and mid-sized wallets that hold between 0.1 and 10 BTC have increased their supply of the leading crypto to a historic peak of 15.9% of the circulating supply.
🐳 #Bitcoin‘s small to mid-sized addresses (holding 0.1 to 10 $BTC) hold an #AllTimeHigh 15.9% of the coin’s available supply. Meanwhile, whales (holding 100 to 10k $BTC) are at a 3-year low at 45.6% of the supply. #Stablecoin marketcaps are at a 2022 low. https://t.co/hesuwUf08X pic.twitter.com/Mcz23KQ4c7
— Santiment (@santimentfeed) October 18, 2022
Large wallets (10,000-100,000 BTC) have surged in number and reached a peak since February last year. However, wallets that contain between 100 and 10,000 Bitcoins have hit a three-year low and are holding 45.6% of the supply in circulation.