He stated that close to $1.2 billion worth of Bitcoin have left one of the largest cryptocurrency exchanges in the market on Friday.
30,000 worth of Bitcoin have left Coinbase on Friday according to Ki Young Ju, the CEO of the crypto on-chain analytics firm CryptoQuant.
Therefore, it could be possible for Coinbase to have moved a large portion of its coins from one wallet to different wallets.
Usually, when large amounts of Bitcoin are withdrawn from exchanges, that means that there is a strong interest from investors to keep their coins in cold storage wallets.
The lower the Bitcoin supply on crypto trading platforms, the larger the impact on price could be if there is an increase in the demand for Bitcoin.
But what happened with Bitcoin price in recent hours? We see that BTC fell by 5.7% in the last 7 days with a decrease of 0.2% in just 24 hours.
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