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395,903 ETH Outflows Coinbase, Likely Institutional OTC Purchases, CryptoQuant CEO Says


u.today 09 June 2021 10:44, UTC
Reading time: ~2 m

Ki Young Ju, founder and CEO of the analytics platform CryptoQuant, has shared a tweet from his analytics team showing that eight hours ago a massive amount of ETH (395,903 coins) was withdrawn from the largest US-based exchange Coinbase.

The exchange has recently turned into a publicly traded company on the Nasdaq.

Institutions buy $1 billion in Ether?

Ki Young Ju believes that this large movement of ETH is likely to be “institutional OTC deals”. The equivalent of the 395,903 ETH is a whopping $985,410,485 at the current rate of $2,519 per ETH.

Ju has called this withdrawal a rare bullish signal.

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Earlier, U.Today reported that in May and in April institutions withdrew mammoth amounts of Bitcoin from Coinbase to cold storage wallets.

At the moment, Ethereum’s market cap totals $292,764,456,172. This is approximately half of Bitcoin’s market capitalization value ($633,180,296,398).

Bloomberg’s chief commodity expert Mike McGlone believes that in the future Ethereum may surpass BTC by this crucial metric as it has stronger use-case and foundation.

Whales moving almost $2 billion in ETH

Popular crypto tracker Whale Alert reports that ten hours ago anonymous whales moved a staggering amount of 789,052 ETH.

This is an equivalent of $1.98 billion.

This mammoth amount of crypto was moved in four transactions, carrying slightly over 197,000 ETH each.

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