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11,800 Bitcoin Moved from Coinbase to Cold Storage by Institutions

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Sat, 05/01/2021 - 08:48
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Yuri Molchan
Analytics data shows that $671 million worth of Bitcoin has been withdrawn to cold storage from Coinbase a short while ago
11,800 Bitcoin Moved from Coinbase to Cold Storage by Institutions
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Data provided by CryptoQuant and Whale Alert shows that over the past thirteen hours, an institutional whale bought 11,827 Bitcoins in the major US-based crypto exchange Coinbase and withdrew it into a cold storage vault.

$670.9 million in BTC withdrawn from Coinbase

CIO of Moskovski Capital has shared a CryptoQuant chart, showing that institutional investors keep stocking up on Bitcoin and are determined to hold it long-term.

The 11,827 Bitcoins withdrawn from Coinbase Pro are an equivalent of $670,995,053. The transaction has been confirmed by Whale Alert service that tracks large crypto transfers.

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Recently, two major banking giants – Goldman Sachs and JP Morgan – have announced their plans to offer exposure to the flagship cryptocurrency to their high net worth customers.

Goldman Sachs will allow 2.5 percent of client’s net worth to be invested in Bitcoin. However, JP Morgan analysts have also predicted that Ethereum will likely outperform Bitcoin.

Related
Bitcoin Stages Sudden Comeback. Will It Snatch Another Month in the Green?

Bitcoin touches $58,400 line

On April 30, Bitcoin printed two green hourly candles that took it from the $53,000 level to the $57,000 zone and then closed the month in the green.

Earlier today, the king crypto went a little higher to touch the $58,400 level, however, it rolled back immediately.

At the time of writing, BTC is changing hands at $57,659 on the Kraken exchange.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.