30,000 Bitcoin (BTC) have left Coinbase on Friday. This is one of the largest outflows in Coinbase’s history. The information was shared by the CEO of the on-chain analytics firm CryptoQuant on Twitter. He stated that close to $1.2 billion worth of Bitcoin have left one of the largest cryptocurrency exchanges in the market on Friday.
30k Bitcoin Leave Coinbase
30,000 worth of Bitcoin have left Coinbase on Friday according to Ki Young Ju, the CEO of the crypto on-chain analytics firm CryptoQuant. On Twitter, he said that some of these BTC flowed into existing cold wallets, however, the number was not that big.
He then stated that this kind of transaction seems to take place only when Coinbase decides to move a significant amount of BTC. Let’s not forget that cryptocurrency exchanges hold large amounts of Bitcoin. Coinbase is one of the largest crypto trading platforms in the world and it is also offering other services to larger clients.
30k $BTC flowed out from Coinbase today.
Institutional buys might be the big narrative again because the Executive Order did not create any hurdle.
— Ki Young Ju 주기영 (@ki_young_ju) April 15, 2022
Therefore, it could be possible for Coinbase to have moved a large portion of its coins from one wallet to different wallets. As Ki Young Ju says, it is highly likely that Coinbase has moved some coins to Coinbase Custody wallets for OTC deals with institutions.
Usually, when large amounts of Bitcoin are withdrawn from exchanges, that means that there is a strong interest from investors to keep their coins in cold storage wallets. These are usually wallets that are not connected to the internet and that have been thought to keep BTC secured for long periods of time.
Additionally, when large and consistent withdrawals take place from exchanges, this could also have an impact on the available supply of Bitcoin on exchanges. The lower the Bitcoin supply on crypto trading platforms, the larger the impact on price could be if there is an increase in the demand for Bitcoin. As there would be fewer BTC available, a fast increase in the demand for this asset could push its price higher.
But what happened with Bitcoin price in recent hours? We see that BTC fell by 5.7% in the last 7 days with a decrease of 0.2% in just 24 hours. When it comes to price variation in the last hour, we see that there is no change, according to data shared by CoinGecko. Bitcoin continues to be traded close to $40,350 and it has a market valuation of $767 billion at the time of writing.