CryptoQuant CEO Ki Young Ju says a recent 15,200 BTC outflow at Coinbase indicates that institutions are accumulating bitcoin for the next Bitcoin rally.
According to CryptoQuant CEO Ki Young Ju, Massive Coinbase outflows of 15200 bitcoin at the price of 32400 is the strongest bullish signal.
Coinbase is one of the largest crypto exchanges in the world and many institutions prefer to use this exchange for bulk buying. In the past, Coinbase was selected as the primary execution partner for MicroStrategy's $425 million purchase of Bitcoin.
He also added that looking at the transactions, it went to custody wallets that only have in-going transactions. It is likely to be over the counter deals from institutional investors. #Bitcoin #OTC #CryptoQuant