$500M in Bitcoin leaves Coinbase as institutions buy more than miners sell
Big money is still scooping up the available Bitcoin supply despite short-term bearish signals, data shows. Bitcoin (BTC) saw fresh rejection at $24,000 overnight on Dec. 24, but data shows that appetite for big buy-ins is only increasing.As recorded by on-chain analytics resource CryptoQuant, institution-focused exchange Coinbase Pro alone saw two large withdrawals of more than 12,000 BTC ($278 million) each this week.Coinbase outflows top $550 millionAs Cointelegraph reported, while not proven, single large outflow spikes suggest that a buyer has purchased a large amount of BTC and the....
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Coinbase Pro exchange registered an outflow of over 35,000 bitcoin worth more than $1 billion early Saturday.
Some institutions have paused their buying, at least for the moment.
Bitcoin price is trading at around 50% down from 2021 highs set around the Coinbase stock market debut. According to data, the rally fueled by institutions finally getting into crypto came to an end by the same entities who drove up prices in the first place. Here’s why institutions left the crypto market and retail […]
Earlier on Thursday, cryptocurrency exchange Coinbase announced that it would purchase more than $500 million in various cryptocurrencies to add to its balance sheet. Coinbase CEO Brian Armstrong first broke the news via Twitter, stating that the exchange had received approval to purchase upwards of half a billion dollars in digital assets. On Wednesday, the […]
Coinbase has announced the launch of its Instant Exchange, which will allow users to buy and sell bitcoin whilst protecting them against the digital currency's price volatility. Users with euro, dollar or pound Coinbase accounts will be able to purchase or sell bitcoin directly on the company's website. Once their instant buy or sell order has been executed, the funds will be withdrawn from or credited to the users' local currency wallet. Coinbase said in a blog post: