[Taklimakan Blog] Analysts Suggest Institutions Are Buying on Falling Bitcoin Prices
On Tuesday, digital asset traders and analysts struggled to evaluate the new data pulled from the bitcoin blockchain: an amount of around $806 million was apparently transferred earlier in the day off from the Coinbase exchange division, Coinbase Pro.
What this means is not yet known. It may be that one or more large investors have just completed a new round of purchases and are now withdrawing their reward from the exchange for long-term retention or other purposes. Or it could be something more harmless, like an internal translation.
According to data provided by analyst firm CryptoQuant, about 14,666 BTC were withdrawn from the exchange in the first hours of operation in the US in a small number of transactions.
The carryover comes after bitcoin prices fell the most in a month to $ 54,000 on Monday, a level the market hasn’t seen in nearly two weeks. By Tuesday, the largest cryptocurrency had stabilized and was changing hands at a price of $55,000.