Recent statistical reports from sources have revealed another massive Bitcoin transaction worth more than $700 Million that has taken place at Coinbase, one of the major cryptocurrency exchanges in the world.
As reported by the blockchain analytics platform Glassnode, a staggering 12,638 Bitcoin worth around $769.5 Million was moved from the exchange on the 11th of April. The surprising part is that this huge amount of Bitcoin was moved in just under 10 minutes, showing the sheer speed of Bitcoin’s network in conducting these types of huge transactions.
Several large-scale institutions have been taking part in the movement of cryptocurrency due to the rise in popularity worldwide. Many financial institutions have had a history of moving large amounts of cryptocurrency from Coinbase USA.
A huge movement from Coinbase happened back in March, where US-based institutional investors bought 13,000 Bitcoin worth more than $600,000 at the price of $48,000 per coin. If we compare those numbers today, it is really surprising to see that even though Bitcoin maintains a higher peek value, these financial institutions are still buying Bitcoin to counter the inflation. Buyers don’t seem to care about the rising price of Bitcoin. They just buy it in hopes of selling it later on at a higher price, which is a big reason for purchasing it in the first place.
Miners are now Selling instead of Storing
Another statistical report from Glassnode shows that large-scale Bitcoin miners are moving their farmed Bitcoin to these exchanges for selling every single day. Previous reports showed that miners were more interested in storing their precious assets instead of moving them for sale, but now, because of these large-scale transactions from exchanges, miners are motivated to sell their Bitcoin, so as a result, the moving of tokens has become so rapid that the Bitcoin exchange transfer flow has reached a monthly high of 17.767 Bitcoin.
These huge movements are definitely contributing to the rise in the price of Bitcoin. At the time of writing, the crypto has yet again broken the $60,000 mark, reaching a maximum of $61,500, showing another bullish trend in its volatile state. Other currencies have also seen a surge in price, but it will still take a lot of time for them to rise to the level that Bitcoin has reached. Bloomberg analysts have predicted that Bitcoin will compete with the market share of Gold, which is a battle in the Trillion range.