Hello my fellow bloggers! Large institutional investors continue to buy the deep through Coinbase. Let’s dive in and see what happened on Coinbase.
Source
Yesterday we saw a large outgoing transaction from Coinbase as an unknown institutional investor bought more than 13k BTC as a good price. I’ve covered this in my recent article. Another day another buy in. Just a couple hours ago another 12k BTC moved out of Coinbase according to CryptoQuant:
Source
As you can see from the chart someone bought and moved out 12.38 BTC. If we assume BTC was bought roughly at the same time it was moved out, than an unknown investor bought it at price around 48.19k USD. I can only assume this is an institutional investor. We know that Coinbase provides such services and the size of the transaction indicates it was a large investor.
As I understand, the trend of smart money buying the deep continues. However, we also see whales taking profits as the number of BTC on large wallets (more than 1k BTC) just hit its monthly minimum. It is hard to tell what happens next. My guess is that correction will continue for a few more days letting large investors to enter market. This will fuel the next upside trend above 60k. Yet this is just my guess and not a financial advice of any kind. What do you think about this deep? Let me know in the comments below!
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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