$769.4 Million in Bitcoin Withdrawn from Coinbase by Institutions in 10 Minutes: Glassnode

$769.4 Million in Bitcoin Withdrawn from Coinbase by Institutions in 10 Minutes: Glassnode
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Yuri Molchan

Recent analytics data indicates that over the weekend, a massive amount of Bitcoin was withdrawn from Coinbase exchange to cold storage vaults

Recent chart from Glassnode analytics provider says that on Sunday, April 11, a crypto whale transacted a jaw-dropping 12,638 Bitcoin from the largest US-based cryptocurrency exchange Coinbase.

Almost $770 million worth of BTC leaves Coinbase

Glassnode chart shared by the Moskovski Capital CIO shows that a whopping $769.5 million was withdrawn from Coinbase on April 11.

These coins were taken out from Coinbase just within ten minutes.

Image via Twitter

Earlier, U.Today reported that financial institutions bought and withdrew large amounts of Bitcoin from Coinbase as well – that took place in early March.

Financial institutions continue to buy Bitcoin as a hedge against inflation, even though it is almost at its peak price at the moment.

On Sunday, the flagship cryptocurrency traded at the $59,846 level, reaching a peak of $60,760 area. A day before, Bitcoin even surged to as high as $61,500 (without closing at that mark, though).

Another top crypto that rallied on Saturday was Ethereum – Vitalik Buterin’s brainchild soared to the new all-time high of $2,200.

Miners are sending their BTC to exchanges – 1-month high

Glassnode also has shared data, saying that crypto miners have been recently moving their Bitcoins to exchanges to be sold.

According to the chart, the Miners to Exchange Flow indicator (7-day MA) has hit a one-month high of 17.767 BTC.

Previously, however, it was reported that BTC miners had started accumulating Bitcoin instead of selling it first time in five months.

Image via Twitter

editorial staff