Bitcoin (BTC) received a new $ 24,000 difference the night of December 24, but data show that the appetite for big purchases is only growing.
According to network analysis resource CryptoQuant, institutional exchange Coinbase Pro alone saw two large withdrawals, totaling more than 12,000 BTC ($ 278 million) each.
Coinbase Churn exceeds $ 550 million
Although not proven, single large spikes indicate that the buyer has acquired large amounts of BTC, and the proceeds are transferred to a single wallet for storage, reports Cointelegraph.
Key Young Joo, CEO of CryptoQuant, added in a comment on Twitter: “Another large Coinbase base is leaving a few hours ago.”
“Institutional investors buy BTC dollars.”
In November, miners opened just under 28,000 Bitcoins in block rewards – slightly more than the sum of the two Coinbase Pro transactions. This implicit contraction in supply is the central argument for the continuous upward movement of the price.
Grayscale encourages institutions to compete for Bitcoin supply
The inherent desire to meet the offer of $ 23,000 Bitcoin contrasts with the external factors influencing market sentiment, especially those surrounding Ripple USA’s lawsuits and changing expectations of Mt. Gox Rehabilitation Procedures.
Concerned that the Ripple-linked altcoin XRP will become virtually unavailable for trading thanks to lawsuits appears to have caused significant fluctuations in Bitcoin over the past 24 hours.
At the same time, the market is waiting for funds to be distributed to Mt. Gox lenders who after a six-year hiatus may be willing to sell some or all of their bitcoins at 2020 prices, which will provide $ 3.2 billion dollars in additional sales pressure.
Beyond these short-term factors, however, it is clear that organizations are optimistic about Bitcoin in general, with new commitments emerging almost continuously.
The latest figures released on Wednesday confirm that investment giant Grayscale now has control over $ 16.4 billion in assets under management, adding $ 500 million in one day.