Where are the tens of thousands of bitcoins coming out of coinbase going?
Bitcoin, which broke a record this week and saw $ 24 thousand, has been the focus of institutional investors recently. Many giant companies, such as Microstrategy, Grayscale, Square, have announced that they have received BTC in recent months, and this has been received very positively in the cryptocurrency market. At this time, Coinbase announced that MicroStrategy was mediating the purchase of 650 thousand bitcoins. Recently, tens of thousands of BTC came out of the stock market again.
Microstrategy, one of the most notable names in corporate Bitcoin investments, announced that it used the Coinbase exchange to buy Bitcoin worth $ 650 million. Brett Tejpaul of the Coinbase exchange said they had successfully managed to buy BTC for Microstrategy using the OTC system. The company’s orders were received in several pieces, thus creating no negative impact on the cryptocurrency market.
Tens of thousands of BTC out of Coinbase exchange
CryptoQuant CEO Ki Young Ju announced a large number of BTC exits from the exchange on December 23, based on graphic data showing the amount of Bitcoin coming out of Coinbase wallets. The total Bitcoin output from the stock market is 24 thousand.
“Institutional investors continue to buy Bitcoin, ” said Ki Young, citing the amount of BTC coming out of the cryptocurrency exchange Coinbase.”he made a comment.
Referring to the magnitude of institutional investors ‘ impact on BTC, Ki Young said that over-the-counter (OTC) deals appear to be continuing, according to on-chain data.
“Pretty bullish for Bitcoin”
“Apparently, Coinbase is making a new cold wallet for every customer after the OTC deal for corporate investments, ” said Ki Young, who also shared the issue on December 23.” said. Ki Young, who shared his analysis a few days ago that the bull rally in Bitcoin is not yet over, reiterated that he is bullish for BTC in his share.