“Bitcoin fails to rally with stocks as $940 million of the crypto is pulled from exchange favored by institutions”
October 18, 2022
“On Tuesday some 48,000 bitcoins moved off Coinbase Pro, a favored exchange among institutional investors, according to data provider CryptoQuant.
The outflow was the biggest among crypto exchanges since crypto’s big crash in June of this year and the second-largest of all time. Exchange outflows suggest investors are withdrawing their crypto from exchanges and shifting from selling mode to accumulating mode.
The value of the crypto moved Tuesday totaled about $940 million and the transactions were partially split into batches of 122 bitcoins, which is a familiar pattern that came to fruition several times in the 2021 bull run, according to Maarten Regterschot, a CryptoQuant contributing analyst.
He also said the transactions were likely done in over-the-counter trading desks, and therefore might not affect the price of bitcoin…”