30,000 Bitcoin have left Coinbase, one of the largest outflows in Coinbase’s history

30,000 Bitcoin left Coinbase two days ago. This is one of the largest inflows in Coinbase’s history. The information was shared by the CEO of online string analysis company CryptoQuant on Twitter. He claimed that nearly $1.2 billion in BTC left one of the largest crypto exchanges on the market.

30,000 Bitcoin have left Coinbase

According to Ki Young Ju, CEO of crypto-chain analysis firm CryptoQuant, 30,000 Bitcoin left Coinbase. On Twitter, he said that some of this BTC has flowed into existing cold wallets, however, not that large.

He then stated that this type of transaction only seems to take place when Coinbase decides to transfer a significant amount of BTC. Don’t forget that cryptocurrency exchanges hold a large amount of Bitcoin. Coinbase is one of the largest cryptocurrency exchange platforms in the world and it is also offering other services to larger clients.

Therefore, it is possible that Coinbase moved a large portion of its funds from one wallet to different wallets. As Ki Young Ju says, Coinbase most likely moved some coins to the Coinbase Custody wallet for OTC transactions with institutions.

Usually, when large amounts of Bitcoin are withdrawn from exchanges, it means there is strong interest from investors to keep their funds in cold storage. These are usually wallets that are not connected to the internet and are supposed to keep BTC safe for long periods of time.

Additionally, as large and consistent withdrawals take place from exchanges, this can also impact the supply of Bitcoin available on exchanges. The lower the supply of Bitcoin on cryptocurrency trading platforms, the greater the impact on the price if demand for Bitcoin increases. Since there will be less BTC available, a rapid increase in demand for this asset could push its price higher.

We see that BTC has dropped 5.7% in the last 7 days with a drop of 0.2% in just 24 hours. When it comes to the price change over the past hour, we see no change. Bitcoin continues to trade near $40,350 and it has a market value of $767 billion at press time.

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