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Institutional Investors Move $1.2 Billion Worth of Bitcoin out of Coinbase as Bitcoin Falls to New Monthly Low

As the price of Bitcoin (BTC) slipped to below $40,000, data shows increased demand from institutional investors. According to data from CryptoQuant, a spike in Bitcoin outflows has been recorded, with 30k BTC leaving Coinbase Pro.

The rise in exchange outflows noted on Coinbase Pro is not an isolated event, as similar behavior from institutional investors was marked in March and early April.

As pointed out by Ki-Young Ju, the CEO of on-chain analytics platform CryptoQuant, institutional interest in BTC “might be the big narrative” in the crypto space once more.

Bitcoin Falls to Monthly Low as Sell-Off Accelerates

Bitcoin dropped to the lowest levels seen in more than a month as investors withdrew money from the world’s largest cryptocurrency. The leading asset fell by as much as 4.2% on Monday, April 18th, to trade as low as $38,580.

The 24 hour price chart for Bitcoin (BTC). Source: Tradingview

According to market analyst John Roque, Bitcoin technical charts are forecasting a further drop in price as the asset is “not close to an oversold reading.” Bitcoin’s near-term support is at $35,000, and, should it fail to hold, Bitcoin could dip as far as to retest $30,000.

On the Flipside

  • As a result of the 4% price drop, the liquidation of Bitcoin and Ethereum traders across exchanges has crossed $230 million in the past hour. Long positions account for 88.72% of the wipeouts.

Why You Should Care

The recent Bitcoin outflows from Coinbase and other exchanges are seen as an indicator for the return of institutional investors to the crypto space.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.