Bitcoin
BTC$65 540.15

-1.49%

Ethereum
ETH$3 522.97

-1.03%

Tether
USDT$0.999119

-0.02%

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BNB$599.02

-1.18%

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0%

Bitcoin Transfer Worth $806M Might Reveal Big Institutional Purchase


24 Mar 2021

#Bitcoin

Digital-asset traders and analysts were scrambling Tuesday to assess a fresh data point extracted from the Bitcoin blockchain: Some $806 million worth of the cryptocurrency apparently transferred earlier in the day off of the Coinbase exchange’s institution-focused unit, Coinbase Pro. The jury is out on what it means. It could be that a large investor or several just completed a fresh round of buying and now are taking the bounty off the exchange for long-term holding or other purposes. Or it might be something else more innocuous, such as an internal transfer.

According to data provided by the blockchain analytics firm CryptoQuant, some 14,666 BTC were moved off the exchange during the early U.S. hours in a small number of transactions. The transfer came after bitcoin prices tumbled Monday by the most in a month to about $54,000, a level the market hasn’t seen for almost two weeks. By Tuesday, the largest cryptocurrency had steadied and was changing hands around $55,000.

Coinbase’s cold wallets for custody are directly integrated with the exchange’s over-the-counter (OTC) desk. Institutions and large traders typically trade via OTC desks to avoid influencing the market price too much. Hence, outflows from Coinbase Pro are often taken to represent institutional demand for bitcoin. CryptoQuant found itself at the center of a controversy last week, when one of its blockchain-data alerts signaled an apparent transfer of $1.1 billion in bitcoin onto the Winklevoss twins’ Gemini exchange, possibly indicating big selling pressure ahead. A backlash resulted on Twitter, with some posters arguing the data was mislabeled or misinterpreted. Bitcoin is currently trading near $55,000, having dropped to a low of $53,031 during the Asian hours.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 85.6% 15 $65 540.15 -1.49% -5.53% $1 292 025 136 713 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 22 $3 522.97 -1.03% -4.20% $423 299 844 540 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999119 -0.02% -0.04% $112 461 741 822 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 85.6% 27 $599.02 -1.18% -7.01% $88 405 924 535 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 76.8% 37 $143.22 -1.18% -9.82% $66 140 487 489 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90% 3 $0.999928 0% 0.01% $32 459 684 152 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 79.2% 31 $0.503719 2.35% 1.39% $27 991 900 086 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 68.4% 58 $0.134264 -1.01% -7.13% $19 434 171 047 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 68.8% 62 $7.79 -2.68% 10.00% $18 958 199 045 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 79.6% 35 $0.403817 -2.79% -9.24% $14 428 712 734 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.2% 94 $0.000020 -4.20% -14.18% $11 692 036 361 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 70.8% 57 $28.62 -4.62% -12.09% $11 257 594 727 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 87.6% 12 $0.116643 0.93% 0.05% $10 197 254 270 WTRX 7 days price change
15 TRON (TRX) TRX TRON predictions 90% 12 $0.116829 1.30% 0.24% $10 196 410 787 TRX 7 days price change

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