Ki Young Ju, founder and CEO of analytics platform CryptoQuant, has shared a tweet from his analytics team showing that, eight hours ago, a massive amount of ETH (395,903 coins) was withdrawn from the largest U.S.-based exchange, Coinbase.
The exchange has recently turned into a publicly-traded company on the Nasdaq.
Are institutions buying $1 billion in Ether?
Ki Young Ju believes that this large movement of ETH is likely to be "institutional OTC deals." The equivalent of 395,903 ETH is a whopping $985,410,485 at the current rate of $2,519 per ETH.
Ju has called this withdrawal a rare bullish signal.
Earlier, U.Today reported that in May and April, institutions withdrew mammoth amounts of Bitcoin from Coinbase to cold storage wallets.
At the moment, Ethereum's market cap totals $292,764,456,172. This is approximately half of Bitcoin's market capitalization value ($633,180,296,398).
Bloomberg's chief commodity expert Mike McGlone believes that, in the future, Ethereum may surpass BTC by this crucial metric as it has a stronger use case and foundation.
Whales moving almost $2 billion in ETH
Popular crypto tracker Whale Alert reports that, 10 hours ago, anonymous whales moved a staggering amount of 789,052 ETH.
This is the equivalent of $1.98 billion.
This mammoth amount of crypto was moved in four transactions, carrying slightly over 197,000 ETH each.