Major investors are looking to be amassing Bitcoin at comparatively low prices in the wake of the cryptocurrency’s latest tieback.
This is suggested by the outflows of the first cryptocurrency from institution centred Coinbase Pro exchange, which marked over 13,000 BTC in this indicator, worth approximately $660 million, back on Wednesday. The amount denotes the largest movement of Bitcoin of the exchange in the last three weeks, according to information provided by the blockchain data company CryptoQuant.
“The outflow moved to various custody wallets, suggesting U.S. institutional investors are still acquiring Bitcoin on the low,” Ki-Young Ju, CEO of CryptoQuant noted. “I believe this is a bullish indication.”
The custody wallets of the prominent exchange are directly integrated with its so-called “over the counter” desk. Organizations typically conduct over the counter transactions to avoid affecting spot market prices. Therefore, outflows from Coinbase Pro that go in the direction of cold wallets for custody are considered to represent institutional movement.
Meanwhile, a recent study revealed that a quarter of US investors already own crypto.
