Ki Young Ju, the CEO of the leading on-chain analytics firm, CryptoQuant, has recently revealed a massive outflow of the largest cryptocurrency by market capitalization, Bitcoin (BTC), from the largest US-based crypto exchange Coinbase.
In a series of his recent tweets, Ki Young Ju told his teeming Twitter followers that a total of 30,000 BTC worth over $1.21 billion were moved away from Coinbase on Friday.
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Ki Young Ju tweeted, “30k BTC flowed out from Coinbase today. Institutional buys might be the big narrative again because the Executive Order did not create any hurdle.”
According to CryptoQuant CEO, the Bitcoin stash was possibly acquired by institutional investors in over-the-counter (OTC) deals:
“Some of the BTC flowed into the existing cold wallets, but it seems to be not that big. This kind of transaction seems to happen only when Coinbase decided to move a significant amount of BTC. It’s highly likely towards Coinbase Custody wallets for OTC deals from institutions.”
The CryptoQuant CEO also says that institutional investors might become more active in the market as the executive order signed by US President Joe Biden last month was largely supportive of the crypto industry:
“Institutional buys might be the big narrative again because the Executive Order did not create any hurdle.”
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Ki Young Ju added that old Bitcoin whales could be behind the recent sell-side pressure while institutional investors are buying the dips:
“Bitcoin old whales in two weeks ago: $47,000 sounds expensive. Let’s dump it here. Institutions today: $40,000 sounds cheap. Let’s stack some $BTC. Speculative guess but this fight seems to create a broad range sideways.”
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