According to CryptoQuant, the amount of bitcoin (BTC) transferred from Coinbase Pro has reached a total of 13,390.28 BTC.
Significant outflows from Coinbase came despite the BTC price hovering at around $49,000. It suggests the U.S. institutional investors expect BTC to make a new high after a considerable drop to a low of $47,400 on Feb. 22.
A Bullish Signal?
As CryptoQuant CEO Ki Young Ju noted, all transferred bitcoins went to Coinbase custody wallets. He explains that institutions keep purchasing BTC in anticipation of the next Bitcoin bull run.
13k $BTC flowed out from Coinbase a few hours ago. It seems those BTC went to multiple Coinbase custody wallets. US institutional investors are still buying Bitcoin at the 48k price. This is the strongest bullish signal I've ever seen. Chart