As revealed by leading data analysts Glassnode, approximately $688.3 million worth of Bitcoin has been withdrawn from Coinbase in an hour. The data revealed shows withdrawals of Bitcoin and Ethereum in huge amounts occurring across multiple exchanges.
Glassnode Reveals $688.3M Worth of Bitcoin Moved From Coinbase
Not much time has passed since the analytics data emerged and showed that 12,345 Bitcoins have been purchased on the Coinbase exchange and have been withdrawn to the cold storage vaults.
In accordance with the similar data covered by other analysts in early May and April, this was most likely the financial institutions purchasing the asset at dip again.
The Chief Investment Officer of Moskovski Capital has recently shared a Glassnode chart which shows that within an hour a huge amount of BTC, which is 12,345 coins, have been shifted from the leading crypto exchange based in the United States, Coinbase.
12,354 #Bitcoin withdrawn from Coinbase in an hour.
Institutions or not, that's still a significant outflow. pic.twitter.com/cMGQMZkNVX
— Lex Moskovski (@mskvsk) May 7, 2021
Moreover, the company has recently managed to list itself on the NASDAQ exchange.
In addition to this, it should be known that the US dollar equivalent of the BTC withdrawn is $688,345,113, and it is believed to be an action of the financial institutions.
Cryptocurrency Outflows to Multiple Exchanges
The major officials from the leading analytics platform have already shared similar statistics and it was even more general and assembled from data collected through multiple digital exchanges.
As indicated by the Exchange Flow Indicator for Bitcoin, the asset has shown negative characteristics across multiple exchanges, noting that the Bitcoin has been shifted from these platforms in large amounts.
Well, this is not the case only with Bitcoin, the same is happening with the second-largest cryptocurrency in the world, Ethereum too.
As revealed in the data shared by the leading crypto data analysts, apart from Bitcoin, crypto whales and financial institutions have been actively shifting their Ethereum holding from crypto exchanges as well.