US$500 million in Bitcoin leaves Coinbase as institutions buy more than miners sell

Big money is still absorbing the available Bitcoin supply, despite short-term signs of decline.

US$500 million in Bitcoin leaves Coinbase as institutions buy more than miners sell

Bitcoin (BTC) again rejected the $24,000 during the night of December 24th, but data shows that the appetite for large buy-ins is only increasing.

As recorded by the on-chain CryptoQuant analysis feature, two large withdrawals from Coinbase Pro alone were responsible for moving over 12,000 BTC ($278 million) this week.

Withdrawal from Coinbase comes to $550 million
As reported by the Cointelegraph, although not proven, the large outflow peaks suggest that a purchase of a large amount of BTC and profits are being transferred to a single storage portfolio.

„Another large outflow from Coinbase a few hours ago,“ added Ki Young Ju, CEO of CryptoQuant, in comments on Twitter.

„Institutional investors are buying BTC $.“

In November, the miners unblocked just under 28,000 BTC in bulk rewards – little more than the sum total of the two Coinbase Pro transactions. This tightening of the offer is a central argument for the continued rise in prices.

Grayscale leads institutions to compete for BTC supply
The underlying desire to suck the Bitcoin offer in $23,000 contrasts with external factors that influence market sentiment, particularly around the Ripple process in the US and the changing expectations about MT.Gox’s payment replenishment processes.

Concerns about Ripple’s associated altcoin XRP and its difficulty in trading, thanks to a lawsuit, appeared to trigger considerable volatility in the Bitcoin over the last 24 hours.

At the same time, the market is awaiting the distribution of MT’s resources. Gox. Gox’s creditors, who after a six-year hiatus, may be anxious to sell part or all of its BTC at 2020 prices, resulting in $3.2 billion of additional selling pressure.

Beyond these short-term factors, however, it remains clear that institutions are optimistic about Bitcoin as a whole, with new commitments emerging almost constantly.

The investment giant Grayscale now controls $16.4 billion in assets under management, adding $500 million in a single day, confirms Wednesday’s latest figures.

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