CryptoQuant Spotted the Sale of 14,666 BTC on Coinbase Pro
The price of Bitcoin is falling. Could this be a positive sign? Yes, analysts are sure, if at the same time BTC massively buy up at reduced prices
The first cryptocurrency is characterised by high volatility. However, when the price of Bitcoin was lower, the price jumps were not felt as much as they are today. Despite this, fluctuations do not mean that the bear market has begun. It's just that the institutions decided to buy at the bottom.
In the network guys from CryptoQuant found transactions worth 806 million dollars. This may indicate that 14,666 Bitcoins were purchased by large investors.
BTC is probably bought on the Coinbase Pro platform. It is not known where the money was transferred. Most likely they were purchased by one or more investors for the purpose of holding cryptocurrencies. Internal transfers between accounts on the stock exchange are also possible.
According to the head of CryptoQuant, the translation was made on several wallets. The use of Coinbase Pro suggests that it was an investment by another institutional investor. This platform for buying Bitcoins is usually used by large institutions.
What does the outflow of BTC funds from Coinbase Pro mean?
According to traders, this is a sign of a bull market. The previous outflow from Coinbase Pro, as shown in the chart below, resulted in a rise in the price of Bitcoin. Let's see if this happens again in the future.
You can check the price of Bitcoin and start trading cryptocurrency on the cryptocurrency exchange Bitfinex.
The article has an informational character, reflects the opinion of the author. Before you make a decision, analyze the market situation.