On-chain data shows big money continues to chase bitcoin amid the frantic bull run. That’s a sign of institutions catching the “FOMO” bug, according to one analyst.
Institution-focused Coinbase Pro exchange registered an outflow of over 35,000 bitcoin worth more than $1 billion early Saturday, according to data source CryptoQuant.
The large outflow comes a day after 12,063 coins left the exchange and represents institutional FOMO (Fear Of Missing Out) buying, according to Ki Young Ju, CEO of the Korea-based blockchain analytics firm CryptoQuant.