Coinbase Registers Second 12K Bitcoin (BTC) Outflow In A Week, U.S. Institutional Buyers Holding Strongly
In a broader cryptocurrency market correction, the Bitcoin (BTC) price has tanked 6% today slipping below $47,000. As of press time, BTC is trading at a rate of $46,784 with a market cap of $875 billion. The latest Bitcoin price correction comes amid the drying up of trading volumes.
However, it turns out that institutional players, especially from the U.S, have been scooping a huge amount of Bitcoins at every correction. As per the latest update from CryptoQuant CEO Ki-Young Ju, a second major Bitcoin-outflow of 12K Bitcoins recently took place at the Coinbase exchange. The first one happened earlier this week three days back on March 3.
12k $BTC flowed out from Coinbase again.Institutions are still accumulating $BTC in this range.Chart 👉 https://t.co/20Dz85Y5mG https://t.co/kV0UxD6xy5 pic.twitter.com/L2kQxRD7gq— Ki Young Ju 주기영 (@ki_young_ju) March 5, 2021
As Coingape reported, the Bitcoin whales have been accumulating BTC even when the price dropped $44,000 levels ahead this week. But it seems that the whales are majorly coming this time from the U.S. Over the last year, it seems that Asian whales have been losing all their supplies to the U.S. institutions and corporates who have gone currently on an accumulation spree.
As reported by Chinese reporter Wu Blockchain:
“In the past year, the BTC holdings in Asia have fallen more than 400,000, and the BTC holdings in North America (represented by US) have increased by more than 600,000. This prove again that Chinese holds are selling and American institutions are buying”.
U.S. Institutions Haven’t Sold Any Bitcoin
The U.S. institutions have been buying Bitcoins heavily since the beginning of 2021. While Bitcoin has gone through several cycles of surge and drop, over the last two months. However, Ki-Young Ju presents another interesting piece of data showing that U.S. institutions haven’t sold a dime since December 23. He writes:
“It seems most US institutions haven’t sold any Bitcoin since their OTC deals. For example, here are custody wallets from Coinbase outflows on Dec 23, 2020. No $BTC moved since then. Remember, institutions like @tesla are with us”.
U.S. bulls are buying aggressively in this market and continue with their purchases ahead. Grayscale has added over 50,000 Bitcoins this year for its Bitcoin Trust (GBTC). Another bullish indicator is that the Network Realized Profit or Loss (NPL) for Bitcoin is at its lowest point.