CryptoQuant CEO Ki Young Ju is revealing that nearly a billion dollars worth of Ethereum was withdrawn from crypto exchange Coinbase in the past week.
In a new tweet, the head of the blockchain data provider suggests that the 400,000 Ethereum worth $800 million moving out of the US-based crypto exchange may have been fueled by institutional demand for the second-largest cryptocurrency by market cap.
“400,000 ETH flowed out from Coinbase a few days ago. Speculative guess, institutions are now buying ETH.”
At the beginning of March, cryptocurrency analytics firm Santiment revealed that large investors (defined as those holding over 10,000 ETH) were in control of nearly 70% of the digital asset’s supply.
“As Ethereum rebounded above $1,685 today for the first time in 10 days, whales (owning 10,000+ ETH) now own 68.6% of the total supply. This is the highest % owned by whales since November, 2017. 10-10,000 addresses meanwhile, own the lowest % since September, 2017.”
Last month, Ethereum received one of the largest shares of capital inflows relative to other cryptocurrencies, according to digital asset investing firm CoinShares.
Per the CoinShares report, the capital inflows into Ethereum from institutional investors amounted to $130 million from the beginning of March to March 26th, while the total amount of capital inflows for all cryptocurrencies was $469 million. The figure is approximately 28% of the total capital inflows while Ethereum’s market capitalization is only 12% of the entire space.
Year-to-date, fund inflows into Ethereum totaled $744 million, representing 17% of the total capital inflows into all crypto assets.