A staggering $3.4 billion worth of Bitcoin has left the leading US crypto exchange Coinbase since mid-December.
According to CryptoQuant, the number of BTC on Coinbase is now at about 770,000, down from 865,000 in December.
One of the most recent of the Bitcoin outflows from Coinbase was highlighted on Febuary 1st by CryptoQuant CEO, Ki Young Ju. On that day, 15,000 Bitcoin left the U.S. crypto exchange for custody wallets.
The CryptoQuant CEO suggested it was institutional investors who had acquired the Bitcoin in an over-the-counter (OTC) deal.
“Massive Coinbase outflows. 15,000 BTC at $32,400. Looking at the TX, it went to custody wallets that only have in-going transactions. It’s likely to be OTC deals from institutional investors. I believe this is the strongest bullish signal.”
Ju added that the buyer may have been investment giant Guggenheim Partners.
“Big Coinbase outflow yesterday might be from Guggenheim. If that’s the case, their entry price would be 32,400k.”
Around January 1st, Ju reported another outflow of 12,063 Bitcoin from Coinbase. At the time, Ju said the Bitcoin outflow was at a three-year high and speculated that Bitcoin support had solidified at the $30,000 mark.
“There are many institutional investors who bought BTC at the $30,000-$32,000 level. The Coinbase outflow on January 2nd was a three-year high. Speculative guess, but if these guys are behind this bull run, they’ll protect the $30,000 level. Even if we have a dip, it wouldn’t go down below $28,000.”