On February 21, 13,204 BTC were withdrawn from the Coinbase exchange to unknown wallets. According to Whale Alert, 36 transactions were made within one hour, each amounting from 351 to 391 BTC
A day earlier, 4501 BTC were withdrawn from the same exchange to an unknown wallet, which means that over the past 24 hours, bitcoins worth more than $ 1 billion were transferred from Coinbase.
This is far from the first time large amounts have been withdrawn from Coinbase. On January 31, more than 15,200 BTC were transferred from Coinbase Pro (at that time about $ 500 million). Back then, CryptoQuant CEO Ki Yong Joo explained the move by OTC institutional investors:
“I think this is a very strong bullish signal.”
Several important developments have taken place in the bitcoin space over the past two weeks. Tesla announced the purchase of bitcoin for $ 1.5 billion. Assuming that Tesla didn’t sell anything, Elon Musk’s company will make more profit from this one purchase alone than from the cumulative sales of its cars for the entire last year.
Institutional interest was shown by the asset management company BlackRock, whose investment director Rick Reeder announced that the company is investing a portion of its $ 8.67 trillion in bitcoin.
BlackRock is not the first asset management company to choose to work with Bitcoin. Guggenheim has already done so, and its investment director predicts the price of bitcoin will rise to $ 600,000. One of America’s oldest banks, BNY Mellon, announced the addition of cryptocurrency asset management services for its clients.
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