Institutions Have Moved 11,800 BTC To Cold Storage From Coinbase

Coinbase, also known as Coinbase Global Inc., is a United States-based company that specializes in acting as a cryptocurrency exchange platform that can be used remotely without the need for any official or physical headquarters. Coinbase made a lot of headlines a little while ago when it had decided to go public, drawing both positive as well as negative attention from the crypto industry and mainstream media news outlets.

Most recently, however, Whale Alert and CryptoQuant had provided data through which it had been observed that just over $670 million worth of BTC had been taken out and placed into cold storage. This crypto had been withdrawn from Coinbase itself, and the aforementioned data also mentioned that over 11,800 BTC had been purchased by an institutional whale in Coinbase before eventually having it be placed in cold storage.

Millions were withdrawn from Coinbase

According to a chart provided by the CIO of Moskovski Capital, it was revealed that quite a few institutional investors were increasingly keen on stocking up BTC as well as desiring to hold it for the long run. In total, 11,827 BTC had been withdrawn via Coinbase Pro, and this is worth an approximate amount of $670,995,053 as of the time of this writing. Whale Alert had been the one to confirm the transaction that had taken place through its service that monitors those crypto transfers, which may be worth a considerable amount.

In related news, 2 of the biggest giants in the banking industry, JPMorgan Chase and Co. and Goldman Sachs, made it known to the public that they have plans to increase exposure for Bitcoin to their respective clients, most notably the ones with a more substantial net worth than most. To this end, Goldman Sachs has decided to allocate 2.5% of the abovementioned client’s net worth for the purposes of investing in Bitcoin.

Analysts at JPMorgan, on the other hand, have stated that Ethereum, the world’s second-biggest cryptocurrency by market capitalization, has been performing extremely well as of late and may even end up outperforming Bitcoin in the future.

BTC slowly recovering

Bitcoin has been struggling to regain its previous all-time high mark lately, as the world’s flagship cryptocurrency is still under $60,000 as of the time of this writing. It is nevertheless gradually recovering, however, as the digital asset had managed to reach beyond $58,000 within the past 24 hours prior to slightly decreasing again shortly afterward.

Hopefully, Bitcoin will be able to regain its previous glory before long, but time will tell as to how long we will have to wait before this can happen.