According to a chart from analytics company CryptoQuant, on March 23, financial institutions bought and withdrew from Coinbase a staggering amount of crypto: 14,600 BTC.
That equals $806,723,000 at press time. Besides, Glassnode believes that BTC miners have stopped selling their crypto and have started accumulating as if they are expecting a rally to occur.
$806 million in Bitcoin moved from Coinbase
On Tuesday, Bitcoin dropped to touch the $53,000 zone briefly, hitting $53,560 after a short rise today as well.
Prior to that, analysts noticed a massive outflow of Bitcoin from the Coinbase exchange: 14,600 BTC. The data was shared by the CryptoQuant analytics firm.
That was $806 million worth of the flagship cryptocurrency.
Previously, similarly large Bitcoin amounts withdrawn from the same exchange were mentioned when financial institutions stocked up on Bitcoin on the dip on Feb. 27 and March 5. Both times, Bitcoin was below the $50,000 price line.
Miners quit selling Bitcoin: is rally imminent?
As per data on the chart from Glassnode shared by the CEO of Moskovski Capital, cryptocurrency verifiers (widely known as miners) have stopped selling their Bitcoin and have begun to accumulate it instead.
Lex Moskovski believes that this is happening because they expect a Bitcoin rally soon.
At press time, the biggest cryptocurrency is changing hands at $55,286, having recovered from a dip to $53,662 earlier today.
However, Bitcoin is still unable to recover the $60,000 level and fix above it. As a reminder, a new all-time high of $61,800 was reached on March 13 – exactly one year after the day known as "Black Thursday" in 2020, when Bitcoin lost 50 percent of its value in just 24 hours and plunged below the $4,000 level.
The stock market hit by the global pandemic, and even oil, went below zero briefly.