According to recently shared data by CryptoQuant, the biggest cryptocurrency trading platform in the U.S. jurisdiction, Coinbase, has been stunned with a cumulative withdrawal worth roughly half a billion dollars.
An analyst of the aforementioned on-chain data company shared his take on what this withdrawal could mean for the crypto market.
CryptoQuant has noticed that the U.S. largest cryptocurrency exchange by trading volume, Coinbase, has seen cumulative withdrawals of more than 7,000 Bitcoins. This happened on April 25, according to the chart. This amount of crypto is worth approximately $500,000,000.
On April 22, the amount of withdrawals came very close to $1.5 billion worth of Bitcoin. While the chart just shows withdrawals and deposits to exchanges, the CryptoQuant analyst Amr Taha names only Coinbase as the platform that suffered the mammoth withdrawals of BTC.
The analyst explains these gargantuan withdrawals by several possibilities, but all of them come down to one thing — accumulation. It could be financial institutions scooping up Bitcoin, especially since institutions in the U.S. primarily prefer to use Coinbase. “Such large outflows often indicate long-term holding intentions,” the analyst stresses.
Besides, these purchases could be related to spot Bitcoin ETFs and indicate “significant underlying demand.” Potentially, Amr Taha says, this could be signaling bullish investor sentiment.
Meanwhile, spot Bitcoin exchange-traded funds continue to score large inflows. According to a recent tweet published by analytics account @lookonchain, on Friday, April 25, ETFs witnessed impressive total inflows of $477.93 million.
The largest one was registered by BlackRock giant. It inhaled 3,500 Bitcoins worth $332.07 million in fiat. Over the past week, it has drawn in 12,977 BTC valued at $1,224,183,088.9. This wealth management behemoth now holds a total of 586,164 Bitcoins worth $55.62 billion.
The second biggest inflows were recorded by 21 ArkShares, which scooped up 1,037 BTC ($97,800,579) on Friday and 6,665 BTC over the past week — $628,583,281.5. Grayscale Mini Bitcoin Trust bought 319 BTC, while Bitwise got itself 109 BTC.
These inflows came on Friday, when Bitcoin surpassed $95,000 and came really close to breaching the $96,000 price level.
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