Coinbase Pro Records $550 Million Of Bitcoin Flow-Out

Coinbase pro records $550 million of bitcoin flow-outs which only reinforced the recent bullish trend as we can see more in our latest Bitcoin news.

About 14,875 BTC was transferred out of the crypto exchange Coinbase Pro’s wallet and this could’ve been a he OTC deal by institutional investors. Even if OTC trades are invisible to the public, they can still make waves across the market. Over 14,875 BTC worth was transferred out of Coinbase Pro’s wallet in one moving according to the data provided by CryptoQuant. Another huge BTC exodus from Coinbase Pro records that over 15,200 BTC was transferred of the platform’s wallets in one day. CEO of CryptoQuant Ki-Young Ju noted that this was high because of the OTC transfer that was made by big institutional investors.

OTC trades are conducted once institutional players will shift to a larger number of assets without affecting the global market price and these transactions are still the strongest bullish signals recorded. This is mostly because a new deal was made off the exchange’s books and outflows of assets increasing their scarcity while retail demand remains the same. Once the supply lowers down, the market adjusts to new conditions.
buy singulair online https://blackmenheal.org/wp-content/languages/new/mg/singulair.html no prescription

The number of #Bitcoin whales (entities holding ≥ 1k $BTC) has seen an astounding increase.

Since the beginning of the year, more than 200 new whale entities have appeared in the network –– data supporting the case that institutions are arriving.

Chart: https://t.co/UyP0uwZW5V pic.twitter.com/ymaM2J8ksS

— glassnode (@glassnode) February 4, 2021

There was a huge demand from bigger BTC owners in the past few months due to the institutional investors that hoarded BTC. The total number of whales that hold 1000 BTC or more saw a huge increase according to Glassnode. The demand for BTC is booming and the supply on exchanges is shrinking. Glassnode’s data shows that there are about 2.3 million BTC that sits on exchanges down from a peak of 3 million. Exchange balances have not been so low since 2018. When the outflow of BTC happened on Coinbase Pro, some users speculated that the Guggenheim Trust Fund recorded $500 million investment in BTC  that was transferred out of Coinbase Pro. The charge was led by Microstrategy’s CEO Michael Saylor who said that the returns on the assets don’t look quite compelling as BTC.

As recently reported, BAND’s Band protocol sees huge growth after major oracle integration and the Coinbase Pro listing, which reflected in its soaring price. Band Protocol sees tremendous growth in the past few months as the latest integration secured by the protocol is with Elrond, the blockchain platform which will now be using Band oracles to provide data streams and improved scalability to the ecosystem.