395,903 ETH Outflows Coinbase, Likely Institutional OTC Purchases, CryptoQuant CEO Says
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has shared a tweet from his analytics team showing that, eight hours ago, a massive amount of ETH (395,903 coins) was withdrawn from the largest U.S.-based exchange, Coinbase.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.
Yuri MolchanWhales 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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov