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48,000 BTC Withdrawn by Institutions from Coinbase, CryptoQuant CEO Expects Price Surge

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Wed, 19/10/2022 - 13:09
48,000 BTC Withdrawn by Institutions from Coinbase, CryptoQuant CEO Expects Price Surge
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CEO of South Korean analytics company CryptoQuant, Ki Young Ju, has shared a screenshot showing a massive withdrawal of Bitcoin from the largest U.S.-based exchange, Coinbase. This transaction took place on Oct. 18.

He stated that all this crypto was shifted off its wallets by financial institutions. This is the equivalent of nearly $1 billion at the current BTC/USD exchange rate.

Institutions move BTC to cold storage, price rise expected

An earlier post from a CryptoQuant analyst shows that the withdrawn BTC had been held in Coinbase Pro for a period of three to five years, so this Bitcoin can be called "dormant."

The 48,000 BTC were split into three lumps — 11,280 BTC; 4,560 BTC and 32,000 BTC.

CEO Ki Young Ju tweeted that this Bitcoin was delivered to institutional clients.

He also attached a tweet from October with a screenshot showing that, historically, the Bitcoin price showed a substantial rise after financial institutions entered Bitcoin. Apparently, he expects the price of the flagship crypto to shoot up once again now, after this withdrawal from Coinbase.

Related
BTC Might Lead Next Leg Down, Peter Schiff Says to Bitcoin Hodlers

Whales' BTC holdings surge to ATHs

Santiment data aggregator has reported that whales have been scooping up Bitcoin recently. According to its recent tweets, small and mid-sized wallets that hold between 0.1 and 10 BTC have increased their supply of the leading crypto to a historic peak of 15.9% of the circulating supply.

Large wallets (10,000-100,000 BTC) have surged in number and reached a peak since February last year. However, wallets that contain between 100 and 10,000 Bitcoins have hit a three-year low and are holding 45.6% of the supply in circulation.

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