On Tuesday (March 23), around 12:00 UTC, according to South Korean blockchain analytics startup CryptoQuant, approximately 14,666 BTC (worth roughly $806 million) moved off Coinbase Pro.

Ki Young Ju, CEO of CryptoQuant, told CoinDesk:

The outflow was split into multiple wallets, which could be their hot wallets, representing an internal transfer or custodian wallets for institutions.

He went on to guess that this transfer was likely to be to a Coinbase Custody wallet, which “might indicate institutions are still buying the dip.”

As you can see in the 24-hour BTC-USD price chart below, over on crypto exchange Coinbase, at 12:00 UTC, Bitcoin was trading around $54,334. By 17:19 UTC, i.e. within less than six hours, the Bitcoin price had reached $55,798, which is currently today’s intraday high.

Currently (i.e. as of 18:22 UTC on March 23), according to data by CryptoCompare, Bitcoin is trading around $55,660, down 1.49% in the past 24-hour period but up 92.11% in the year-to-date (YTD) period.

On-chain analyst Willy Woo says that data from on-chain market intelligence startup Glassnode tells him that “seriously strong long term holders are buying this dip,” which means that “anyone selling right now is cray cray.”

Featured Image by “SnapLaunch” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.