CryptoQuant CEO said this incident occurred as a result of institutional investors buying Bitcoin off the exchange.

“15,000 Bitcoins flowed out at $ 32,400. Looking at transactions, Bitcoins were transferred to personal wallets. Most likely, institutional investors bought off the exchange and I think this development has driven the bull market.

Whale Guggenheim Partners?

Ju pointed out that the buyer could be Guggenheim Partners:

“Bitcoins flowing out of Coinbase could be the Guggenheim. If so, Bitcoin could have been bought at $ 32,400. “

Ju announced on January 1 that 12,063 Bitcoins were exported from Coinbase. At the time, Ju said that Bitcoin support was strengthening in the $ 30,000 band.

“Most institutional investors bought Bitcoin in the 30,000-32,000 dollar range. The amount of Bitcoin withdrawn from Coinbase on January 2 was the highest in three years. It’s a speculative forecast, but if institutional investors are behind the bull market, it will maintain the $ 30,000 support. Despite that, if the bottom is seen, Bitcoin will not fall below $ 28,000. “

What do you think of Bitcoins exported from Coinbase? You can share your thoughts in the comments section.