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13K BTC Flows Out of Coinbase Suggesting Institutions Are Buying Bitcoin Dips

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Bitcoin failed to consolidate its position above $50,000 for the fourth day after registering a new all-time-high last week above $58,000. This hasn’t stopped institutional investors from buying Bitcoin at the current dip, as more than 13k Bitcoins were moved from COINBASE to multiple custody wallets. Each one cost $48,000. ?? Something went wrong. Please try again later.

Many expected the price to register an uptick post-MicroStrategy’s $1 billion Bitcoin purchase and Square’s $170 Million Bitcoin purchase, however, the current price seems to be following the trend of January when the price fell by 20% after touching new ATH of 42,000 and remained under $35k for more than 3 weeks.

American Institutions Bullish on Bitcoin

Tesla’s $1.5 Billion purchase at the start of February helped Bitcoin price climb above $58,000, while MicroStrategy has no plans of pausing their bitcoin purchase having already invested a total of $2.1 billion until now. Square Inc, a Bitcoin payment processing giant started by Twitter CEO Jack Dorsey registered multi-billion dollar revenue in 2020 from Bitcoin sales on its platform. ??

MicroStrategy CEO Institutional investors have not been deterred as over 13,000 Bitcoins have moved from Coinbase to multiple custody wallets. Purchased at $48,000 apiece.

Based on Ki-Young Ju's research, the outflow of bitcoin from exchanges is one of the strongest bullish signals, especially if the outflow is bought by institutions. 13k bitcoins flowed out of Coinbase a few hours ago. These Bitcoins appear to have gone to multiple Coinbase custody wallets.

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