Massive Daily Outflow! $1,200,000,000 in Bitcoin Moved Out of Coinbase.

The CEO of leading on-chain analytics firm CryptoQuant is revealing a massive outflow of Bitcoin (BTC) from US-based crypto exchange Coinbase.

Ki Young Ju tells his 289,600 Twitter followers that 30,000 Bitcoin worth over $1.21 billion were transferred from the coffers of Coinbase on Friday.

According to Ki Young Ju, the Bitcoin stash in question was most likely purchased by institutional investors in over-the-counter (OTC) deals.

“Some of the BTC flowed into the existing cold wallets, but it seems to be not that big. This kind of transaction seems to happen only when Coinbase decided to move a significant amount of BTC.

It’s highly likely towards Coinbase Custody wallets for OTC deals from institutions.”

The CryptoQuant CEO also says that institutional investors might become more active in the market as the executive order signed by US President Joe Biden last month was largely supportive of the crypto industry. This is good news for projects of all ecosystems, especially Web3, which is taking the world by storm lately with projects like Deedy, Helium, The Graph, among others.

“Institutional buys might be the big narrative again because the Executive Order did not create any hurdle,” the CEO added.

He further mentioned that old Bitcoin whales could be behind the recent sell-side pressure while institutional investors are buying the dips.

“Bitcoin old whales in two weeks ago: $47,000 sounds expensive. Let’s dump it here. Institutions today: $40,000 sounds cheap. Let’s stack some $BTC. Speculative guess but this fight seems to create a broad range sideways.”

The longer the market stays rangebound, the more vigorous the breakout. The bull run that's imminent for crypto markets might take just about every major project well past the ATH!