Data analyst firm captures massive withdrawal of bitcoin from Coinbase

On April 1, around 18:00, a large amount of bitcoin equivalent to about 12,000 BTC was withdrawn from Coinbase, a large US cryptocurrency exchange. Coinpost reported this on the 2nd.

According to the chart of Cryptoquant, the cryptocurrency’s on-chain data provider, there were 5 massive withdrawals from Coinbase in excess of 10,000 BTC in March, with a total of over 64,000 BTC Bitcoin withdrawn.

The large-scale withdrawal of the exchange is expected to lower the selling pressure as funds may be transferred to a custodial wallet aimed at mid- to long-term holdings.

In the trading of bitcoin by institutional investors, Coinbase, the largest exchange in the United States, is often used. There are also a number of cases in which a large amount of withdrawal history was confirmed at a time when it is thought that it was after the purchase of bitcoin by large companies such as Tesla and MicroStrategy.

[On-chain data reliability]

On the other hand, the precision of on-chain data analysis on the blockchain is not 100% complete.

There is also a case of controversy due to disagreement of opinions depending on the analysis company because errors in the address label of the destination can also occur. It can be said that there is a concern for pumps and dumps that abused the boundary system of on-chain data, so it is necessary to observe the whole supply and demand calmly.

In addition, it should be noted that the withdrawal of large amounts and the rise of the market price do not necessarily coincide.

(At the 18th of April 1st, there is a large amount of money to be released.)

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.