Current Bitcoin (BTC) outflows from Coinbase are reminiscent of the “proof-of-keys” days and could be an indication of a bullish future, according to CryptoQuant CEO Ki Young Ju.Data from the cryptocurrency analysis company shows that more than 15,200 BTC, currently worth over $515 million, were withdrawn from Coinbase on Jan. 31. He also pointed to the truth that the split of a 15,000 BTC wallet into wallets containing 1,000-5,000 BTC increases security expenses. While the media were pointing to Bitcoins price drop from $42,000 to below $30,000 as a sign that the BTC bubble had popped as soon as again, the purchase of 4,000 BTC on Feb. 1 indicates that organizations have instead seen this as a chance to buy the dip and are taking complete benefit of this buying opportunity.
- Bitcoin price is sideways, silver hits a 7-year high and XRP’s rally pops
- Grayscale may jumpstart the next phase of the Bitcoin bull run tomorrow