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395,903 ETH Outflows Coinbase, Likely Institutional OTC Purchases, CryptoQuant CEO Says

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Wed, 06/09/2021 - 10:26
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Yuri Molchan
According to data from the CryptoQuant founder, institutions may have acquired close to $1 billion worth of Ethereum on Coinbase and withdrawn this crypto
395,903 ETH Outflows Coinbase, Likely Institutional OTC Purchases, CryptoQuant CEO Says
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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has shared a tweet from his analytics team showing that, eight hours ago, a massive amount of ETH (395,903 coins) was withdrawn from the largest U.S.-based exchange, Coinbase.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.

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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.

Related
Whales Grabbing More Bitcoin, Holding Their ETH Tight: Santiment Data

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.

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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.