There’s always a lot of speculation happening in the crypto market, which makes the prices fluctuate all the time. According to recent data, $1.2 billion worth of Bitcoin left the Coinbase exchange, meaning that institutional investors are accumulating their wealth further.
Bitcoin Sees More Institutional Demand
As large institutional investors get more comfortable with crypto, they start pouring millions into the coin. Additionally, these investors are known for their long-term focus on an asset.
This matches with the data provided by the on-chain analyst platform Glassnode. According to Glassnode, investors moved around 31,130 Bitcoin worth about $1.2 billion from the Coinbase exchange last week.
This is the biggest outflow since 2017 and indicates that Bitcoin is now considered a new real investment opportunity. This rush also resulted in the decrease of the total balance on Coinbase, which is now at about 650,000 BTC. In addition, this is the same amount of coins that were observed during the 2017 bull run.
Furthermore, the Illiquid Supply Shock Ratio (ISSR) shows a rise in the past week. This could mean that these coins were moved to wallets that have no spending history.
The crypto market is going through some turbulent moments, where Bitcoin price keeps jumping up and down. However, crypto adoption remains as key institutional players actively participate in the market.