7883 Bitcoins Withdrawn from Coinbase the Previous Day…"Indicating Institutional Purchase"
Summary
- It was reported that 7883 Bitcoins were withdrawn from Coinbase the previous day, indicating ongoing institutional Bitcoin accumulation.
- This suggests accumulation activities by institutions such as Bitcoin spot Exchange-Traded Funds (ETFs), with past instances showing increased ETF inflows following large withdrawals.
- The positive Coinbase premium maintained for a month supports the increase in institutional demand.
The previous day, 7883 Bitcoins (BTC) were withdrawn from the U.S. cryptocurrency exchange Coinbase. This is analyzed to be due to institutional Bitcoin accumulation activities.
On the 27th (local time), burakkesmeci, a contributor to CryptoQuant, reported that "7883 BTC were withdrawn from Coinbase the previous day. This is the third-largest amount in the past month," and "This indicates institutional and Bitcoin spot Exchange-Traded Fund (ETF) accumulation." He further stated, "In the past, when large-scale withdrawals occurred from Coinbase, the inflow of Bitcoin ETFs increased significantly," and "The Coinbase premium, which has remained positive for a month, also supports the increase in institutional demand."
As of 5:24 PM, Bitcoin is trading at $109,674, down 0.25% from 24 hours ago, based on the Binance USDT market.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
