Whales withdraw $1.3 billion in Bitcoin from Coinbase this morning
In the current BTC quotation, it is $1.3 billion withdrawn in less than 24 hours.
The transactions were reported by aggregator Whale Alert and highlighted by journalist Joseph Young. It is not yet known what the motive behind the withdrawal is, or whether the addresses belong to the same investor.
$1.3 billion Bitcoin outflow from Coinbase.
— Joseph Young (@iamjosephyoung) July 28, 2021
What this could possibly point to is a strong institutional investor interest in Bitcoin.
Generally, the withdrawal of cryptocurrencies from exchanges indicates a focus on the long term. That is, a sales wave is less likely to negatively impact the price of the BTC or other cryptocurrency.
However, massive withdrawals from Coinbase represent yet another indicator: possible institutional interest. As one of the few regulated exchanges in the United States, enthusiasts believe that Coinbase is viewed favorably by institutions.
- Michael Saylor compares buying Dogecoin to gambling at Las Vegas
- Elon Musk tries to manipulate Dogecoin’s price again but fails
- Mia Khalifa has already profited 669% with Dogecoin this year
Thus, it is believed that institutional investors who want exposure to cryptocurrencies directly resort to Coinbase.
Bitcoins have already been removed from the three wallets to which they were initially sent. Furthermore, it is not surprising that they have been split into different portfolios. More precisely, 301 portfolios were created with different fractions of BTC.
The break in small portfolios indicates a caution involving risk management. Therefore, it is not incorrect to assume that an institutional investor made the purchase. Possibly even more than one corporate figure.