Bitcoins (BTC) withdrawn from Coinbase, according to CryptoQuant CEO Ki Young Ju, may be pointing to the rise.
Data from the cryptocurrency analytics company shows that more than 15,200 BTC, worth $ 515 million at the current exchange rate, withdrew from Coinbase on January 31.
According to Ki Young Ju The withdrawn BTCs were only sent to the receiving wallets and were likely over-the-counter transactions by institutional investors.
Ki, In his post dated December 18 “If large amounts of Bitcoin are transferred from Coinbase to cold wallets, it is over-the-counter transactions,” he said.
The CEO continued as follows:
“As the price is ultimately set in stock exchanges, heavy transactions outside the stock market are considered as bullish signs. These operations include over-the-counter transactions. “