15,000 Bitcoin in 24 hours: Institutionals fill up their wallets

Institutional investors are making massive acquisitions to ensure that the bull run could enter the next hot phase.

After a stormy start at the beginning of the year, the Bitcoin rally has lost some of its pull

In the course of Wallstreetbet erosion, the Bitcoin price also made a crisp sprint. But since the largest cryptocurrency turned around at $ 38,500, BTC has stuck again at a level between $ 32,000 and $ 35,000. Institutional investors use this phase for subsequent purchases.

As Ki Young Ju, CEO of the on-chain data platform Cryptoquant, announced via Twitter , over 15,000 Bitcoin were withdrawn from Coinbase Pro on yesterday’s trading day, January 31 . The transaction went to custody wallets, which only had incoming transactions. As Ju suspects, “it is likely to be OTC transactions by institutional investors”. This is the “strongest bullish signal”.

The transactions were each between 1,100 and 4,400 Bitcoin

There is no evidence that these are OTC sales. However, according to Ju, for security concerns, there is no reason to distribute a wallet with 15,000 BTC to several wallets with 1,000 to 5,000 BTC. Coinbase Custody is also connected to OTC desks.

OTC sales (over the counter) are direct sales over the counter, mostly to institutional investors. Since trading is not carried out via stock exchanges but via OTC desks, the massive acquisitions do not have a direct effect on the Bitcoin price . However, OTC trading can still price itself in with a slight delay. The OTC stocks must eventually be filled if demand continues to be high. Imbalances between supply and demand in direct trading could therefore fuel the Bitcoin rally again in the medium term.