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US Institutions Have Grabbed 13,000 BTC from Coinbase at $48,000 Per Coin: CryptoQuant

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Thu, 02/25/2021 - 15:55
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Yuri Molchan
CryptoQuant CEO spreads the word that a few hours ago, US financial institutions acquired 624,000,000 worth of Bitcoin and withdrew it to their cold storage wallets
US Institutions Have Grabbed 13,000 BTC from Coinbase at $48,000 Per Coin: CryptoQuant
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Chief executive of CryptoQuant analytics platform Ki Young Ju has taken to Twitter to share that earlier today, 13,000 Bitcoins were withdrawn from U.S.-based Coinbase crypto giant.

Ki Young Ju stated that those coins were purchased by U.S. financial institutions and they keep acquiring BTC despite the recent correction.

At the price of $48,000 per unit, 13,000 Bitcoins is equal to a staggering $624 million.

"13,000 BTC flowed out from Coinbase"

According to the tweet by CryptoQuant CEO, earlier today U.S. financial institutions acquired $624 million worth of Bitcoin, which now, as the flagship crypto is sitting at $51,000, has turned into $668,244,200, giving the owners approximately $42 million in profit in just a few hours.

Ki Young Ju called this a very positive signal for Bitcoin in his tweet.

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Image via Twitter

Related
Cryptocurrency Giant Coinbase Files with SEC to Go Public

Coinbase files direct IPO with the SEC

As reported by U.Today earlier, San Francisco-based trading monster Coinbase has filed for a direct IPO with the Securities and Exchange Commission.

Its shares will be traded on Nasdaq under the COIN ticker. Curiously, the mysterious Bitcoin creator Satoshi Nakamoto has been mentioned on Form S-1 as the designated recipient.

Coinbase has also revealed that it has been keeping Bitcoin and other digital assets on its balance sheet since 2012. The company has been evaluated at over $100 billion.

As Coinbase announced filing for an IPO with the regulator, the world's flagship crypto, Bitcoin, has topped $51,000.

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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.