Market Update: Another ‘Bullish Signal’ cause of Coinbase Bitcoin outflows According to CryptoQuant CEO.

Recently, 15,200 BTC outflow at Coinbase so that there is a huge chance to occur another Bitcoin wave, the CEO of CryptoQuant stated that this thing, who claimed this could bring another Bull break. It’s really a worrying issue that data from the cryptocurrency analysis firm shows that more than 15,200 BTC, currently worth over $515 million, were withdrawn from Coinbase on Jan. 31.

Source: CryptoQuant

In Opinion of Ki Young Ju, The withdrawal “went to custody wallets that only have in-going transactions,” and was likely an “OTC deal from institutional investors” based on several identifiers.  Not only that but also has pointed to the fact that the split of a 15,000 BTC wallet into wallets containing 1,000-5,000 BTC increases security costs. “Since the price is eventually determined on exchanges, massive non-exchange transaction volume is considered as a bullish signal. These transactions include OTC deals.”

Source: CryptoQuant

It’s obvious that day by day cryptocurrency sector is helping to increase the legitimacy of the crypto sector and which must provide a certain level of support for the BTC price available supply continues to be locked away in cold custodial wallets. So be alert and get ready to witness another coming storm. 

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