After big investors like Tesla and Square, some institutional investors are also buying Bitcoin even after its latest 10% dip showing a “biggest bullish signal” towards the cryptocurrency. As more than 13,000 Bitcoins has exchanged from Coinbase on Wednesday according to analytic firm Cryptoquant.
As reported by Decrypt, these 13,000 BTC have transferred to multiple Coinbase custody wallets causing an outflow at Coinbase, with the largest withdrawal of total 2,768 BTC, and the smallest withdrawal of total 579 BTC, worth $139 million and $29 million respectively.
“This is the strongest bullish signal I’ve ever seen,” says Ki-Young Ju, CEO of CryptoQuant. This seems to be quite obvious, as this latest outflow is the largest one that has been seen at these higher prices. With last two large withdrawals peaked at a price of $33,000 and $37,000.
This week been a little upside-down type for the cryptocurrency which first saw a record high price of $58,000 and then a sudden dip. Causing Bitcoin’s price to fall to $45,000 and which further made Tesla CEO Elon musk lose his ‘World’s Richest Person’ tag. Well, for now, Bitcoin is trading for a 24 hour high of $52,076 and 24 hour low of $48,091.
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