If true, this indicates that someone has made a significant financial commitment to BTC in excess of $1 billion.
Bitcoin (BTC) may be reviving interest from institutional investors, as data indicates substantial tranches of coins are leaving major exchange Coinbase.
On March 11, as monitored by resources such as Whale Alert and CryptoQuant, an unknown wallet got around 30,000 BTC from the US platform.
Coinbase Pro has reduced its value by $1.15 billion.
Three different transactions on Coinbase Pro, Coinbase’s professional investment arm, indicated the possibility of a buy-in.
These were for 9,843 BTC, 9,901 BTC, and 9,867 BTC, respectively, totaling 29,620 BTC.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 9,843 #BTC (390,782,938 USD) transferred from #Coinbase to unknown wallethttps://t.co/uYSlIeugzF
— Whale Alert (@whale_alert) March 11, 2022
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 9,901 #BTC (393,077,696 USD) transferred from #Coinbase to unknown wallethttps://t.co/1OoPwliWF9
— Whale Alert (@whale_alert) March 11, 2022
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 9,867 #BTC (391,721,155 USD) transferred from #Coinbase to unknown wallethttps://t.co/AI5yos1rPr
— Whale Alert (@whale_alert) March 11, 2022
While this transaction has no effect on price performance, if confirmed as a legitimate buy and not an internal transaction, it would suggest that a Coinbase Pro business has allocated approximately $1.1 billion to BTC at current values of around $39,000.
As evidenced by Coinbase Pro reserves each mined Bitcoin block overnight, the transactions were completed in rapid succession.
More broadly, exchange reserves have continued to drop this month and last, reaching multi-year lows once again.
As of Friday, the combined BTC reserves of the 21 exchanges tracked by CryptoQuant were 2.357 million BTC.
According to Glassnode’s Accumulation Trend Score, the market is now in a state of uncertainty and is not yet trending toward accumulation.
Bitcoin remains uninteresting to the general public.
Meanwhile, when looking at interest in Bitcoin outside of exchange users, it becomes evident that individuals purchasing are not mass newcomers to the industry.
According to Google Trends statistics, search inquiries for “Bitcoin” have remained modest — and have remained virtually unchanged during the second half of 2021.
Only last May’s plunge below $30,000 garnered widespread attention, and the trend has shown no sign of reversing itself despite recent global developments.
Over the last 12 months, El Salvador has received the highest requests compared to its population, as the country legalised BTC last year.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
