Large outflows of Bitcoin from Coinbase Pro is observed again

  • Two withdrawals of approximately 35,000 Bitcoin has been observed from Coinbase Pro wallets
  • The withdrawals are showing that the demand among financial investors are continuing this year also
  • With the demand of institutional inventors, the leading crypto token’s price is also creating new high records

Recently it is observed that nearly 35,000 Bitcoin is withdrawn from Coinbase Pro. According to the data from CryptoQuant, a blockchain analysis firm affiliated to CoinPost, revealed that two large withdrawals had been confirmed since the beginning of this year. Following the data, it is observed that both the withdrawals were of more than 24,000 Bitcoins. Simultaneously both the withdrawals were made from the Coinbase Pro Bitcoin wallets. However, this event created by large investors seems like the demand by financial institutions has continued since the beginning of this year. 

Demand among institutional investors is continuing to rise

This month we found that over 35,000 Bitcoin left Coinbase Pro wallets are most likely Over-The-Counter deals being made by large investors. Last month also two withdrawals of over 12,000 Bitcoin were confirmed from Coinbase Pro. Whenever a crypto token leaves a digital assets exchange, it is considered that the user might want to hold the token for a more extended period. Following the withdrawals of last month and in recent months, it seems quite clear that more financial institutions want to hold the currency for longer terms.

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After noting those withdrawals, Ki-Young Ju, the chief executive officer of CryptoQuant, pointed out that the remittance destination is a wallet like custody. However, the competitive FOMO among the investing firms is what tends them to purchase Bitcoin. Indeed, these withdrawals seem like a remittance for longer-term holdings in a cold wallet, and without selling them immediately.

Bitcoin has continued its bullish rally creating new highs

Observing the data from the CoinMarketCap, it is observed that the price rally that started last year is continuing in its track. With the celebration of the new year, Bitcoiners are also celebrating the bull cycle of Bitcoin, as the price of the leading crypto token has surged towards the level of more than $34,000. With the surge, it has created a new high record at the price level. Indeed, the price of Bitcoin has surged by approximately $4000 in just a day. However, this bubble period is genuinely different from that of 2017’s. The most significant difference among these two rallies is that retail investors bubbled the last price, and this time the financial investment firms have their hands in the rally.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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