In the last 24 hours, Coinbase has moved more than 30,000 BTC. In the past six weeks, Bitcoin has reached a high of $40,800. Crypto whales have begun moving their digital assets from leading exchanges to unknown wallets due to the recent increase in the price of BTC.
Coinbase cryptocurrency exchange moved 30,640 bitcoins to digital wallets, according to Whale Alert, a leading blockchain tracking platform. Bitcoin whales moved over $1 billion worth of cryptocurrency in 3 different transactions.
One of the most popular Bitcoin wallets moved 10,210 BTC from Coinbase on July 28th, according to Whale Alert. This was followed a few seconds later by another transaction involving 10,209 Bitcoin. Three transactions were made between Coinbase and an unknown wallet by a Bitcoin address.
In a recent tweet, crypto analyst and investor Joseph Young noted a $1.3 billion Bitcoin outflow from Coinbase.
Recent bullish sentiment in Bitcoin and other cryptocurrency assets has resulted in an explosive increase in activity across leading crypto addresses. Nine thousand bitcoins worth more than $350 million were transferred to an unknown digital wallet yesterday.
Bitcoin’s Institutional Demand
Institutional inflows to the world’s largest cryptocurrency fell despite the recent surge in retail demand. BTC investment products lost $24 million last week, according to CoinShares’ latest report on digital asset fund flows. Bitcoin accounted for 24 million dollars’ worth of outflows, the largest since mid June. With US$4.1bn inflows so far this year, CoinShares’ weekly digital asset fund flows report is positive, but it’s down from the peak of US$4.7bn seen in early May.
CNBC interviewed JPMorgan’s Global Market Strategist Nikolaos Panigirtzoglou recently, who said there is no longer any institutional interest in Bitcoin and other cryptocurrency assets. According to him, BTC’s volatility will return to normal over the next few weeks.