Ki Young Ju, CEO of the South Korean analytics firm CryptoQuant has published an image depicting a big Bitcoin withdrawal from the largest U.S. exchange, Coinbase. This transaction occurred on October 18.
According to him, all of this cryptocurrency was removed from wallets by banking institutions. At the current BTC/USD conversion rate, this is equal to almost $1 billion.
A previous report by a CryptoQuant analyst indicates that the removed BTC was maintained in Coinbase Pro for three to five years, therefore this Bitcoin may be described as “dormant.”
Bitcoin was provided to institutional customers, according to a tweet from CEO Ki Young Ju.
In addition, he shared a tweet from October that included a snapshot demonstrating that, historically, the Bitcoin price rose significantly when financial institutions adopted the cryptocurrency. Evidently, he anticipates the price of the main cryptocurrency to skyrocket once again after Coinbase’s departure.
According to the Santiment data aggregator, whales have been amassing Bitcoin lately. According to its most recent tweets, the share of Bitcoin in circulation held by small and medium-sized wallets (those holding between 0.1 and 10 BTC) has reached an all-time high of 15.9%.
Since February 2018, the number of really large wallets has skyrocketed. However, wallets holding between 100 and 10,000 Bitcoins have reached a three-year low, owning 45.6% of the total Bitcoin supply.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.