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) headed under $40,000, data shows an increasing demand from institutional investors.

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.

Sponsored

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.

  • 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.

Sponsored

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

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia