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$769.4 Million in Bitcoin Withdrawn from Coinbase by Institutions in 10 Minutes: Glassnode

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Mon, 04/12/2021 - 08:05
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Yuri Molchan
Recent analytics data indicates that over the weekend, a massive amount of Bitcoin was withdrawn from Coinbase exchange to cold storage vaults
$769.4 Million in Bitcoin Withdrawn from Coinbase by Institutions in 10 Minutes: Glassnode
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A recent chart from Glassnode analytics provider shows that, on Sunday, April 11, a crypto whale transacted a jaw-dropping 12,638 Bitcoin from the largest U.S.-based cryptocurrency exchange, Coinbase.

Almost $770 million worth of BTC leaves Coinbase

A Glassnode chart shared by the Moskovski Capital CIO shows that a whopping $769.5 million was withdrawn from Coinbase on April 11.

These coins were taken out of Coinbase within just ten minutes.

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Earlier, U.Today reported that financial institutions bought and withdrew large amounts of Bitcoin from Coinbase as wellin early March.

Financial institutions continue to buy Bitcoin as a hedge against inflation, even though it is almost at its peak price at the moment.

On Sunday, the flagship cryptocurrency traded at the $59,846 level, reaching a peak in the $60,760 area. The day before, Bitcoin even surged as high as $61,500, without closing at that mark, though.

Another top crypto that rallied on Saturday was Ethereum; Vitalik Buterin's brainchild soared to the new all-time high of $2,200.

Related
Bitcoin Soars to $61,495 – Has Rally Resumed?

Miners are sending their BTC to exchanges: one-month high

Glassnode has also shared data showing that crypto miners have been recently moving their Bitcoins to exchanges to be sold.

According to the chart, the Miners to Exchange Flow indicator (seven-day MA) has hit a one-month high of 17.767 BTC.

Previously, however, it was reported that BTC miners had started accumulating Bitcoin instead of selling it for the first time in five months.

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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.