A pictorial representation by Glassnode data aggregator <a href="https://twitter.com/mskvsk/status/1395647883844755458" target="_blank" rel="nofollow noopener">depicts </a>how strong Bitcoin "dip buying" is still going on, while whales and institutions are withdrawing large quantities of  Coinbase Bitcoin.
<h2>Withdrawal of Bitcoins From Coinbase In Large Quantities</h2>
The Glassnode chart shows that, except for Coinbase, Bitcoin balances have been increasing over the last two months on three major exchanges.

Binance is the leading network in this regard, with both the highest rise and the lowest decline in BTC balances. The Winklevoss twins' Gemini is listed after <a href="https://www.cryptoknowmics.com/news/coinbase-binance-go-down-amid-crash-hedge-funds-and-asset-managers-purchased-dip/">Binance</a>, followed by Huobi, the largest Chinese trade.

On the other hand, the US-based exchange platform, Coinbase displaying the flagship digital currency's dwindling balances.

[embed]https://twitter.com/mskvsk/status/1395647883844755458[/embed]
<h2>Institutions Continue To Buy Strong Bitcoin Dip</h2>
Jann Happell and Jann Allemann, founders of Glassnode to express their belief on their joint Twitter account about financial institutions continue to buy Bitcoin in large quantities while it is on the decline.

They also published a Glassnode chart that indicates a decrease in the number of transfers from OTC desk wallets (seven-day MA).

Previously, they announced that long-term holders were aggressively <a href="https://www.cryptoknowmics.com/news/bitcoin-whale-reaccumulates-3521-btc-at-dip-after-selling-at-58k/">accumulating</a> Bitcoin as the Long-Term Holder Net Position Change indicator began to turn green.
<h2>The CEO Of Binance US Speaks About Bitcoin's Downfall</h2>
Brian Brooks, the CEO of Binance US and former head of the Currency Comptroller office, holds a similar opinion.

In an interview, Brooks <a href="https://twitter.com/jchatterleyCNN/status/1395395188537843716" target="_blank" rel="nofollow noopener">told </a>CNN’s Julia Chatterley, not only did Bitcoin plummet, but so did the Dow Jones and the S&amp;P 500. However, the drop was not as severe: just 2-3%, compared to Bitcoin's 30% drop.

With a wide range of tools available for trading equities, Brooks clarified, "there is a lot more market discovery in the conventional asset classes: you have swaps, futures, shorting trades."

According to Brooks, none of the major crypto exchanges in the United States have been permitted to incorporate products that would provide further price discovery to the industry.

Brooks cited inflation, foreign tension, and "questions from China" as reasons for the downturn. People have been forced to sell risky assets as a result of all of this.

&nbsp;

Amid Institutional Dip Buying, Bitcoin Withdrawals from Coinbase Continue

According to recent analytics results, whales and institutions continue to take advantage of the dip and withdraw Coinbase Bitcoin.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Amid Institutional Dip Buying, Bitcoin Withdrawals from Coinbase Continue

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