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

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has shared a tweet from his analytics team showing that eight hours ago a massive amount of ETH (395,903 coins) was withdrawn from the largest US-based exchange Coinbase.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

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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