As the price of Bitcoin (BTC) headed under $40,000, data shows an increasing demand from institutional investors. According to data from Crypto Quant, Bitcoin outflows have shown a spike amounting to 30k BTC leaving Coinbase (NASDAQ:COIN) Pro.
The spike in exchange outflows on Coinbase Pro is not an isolated event, with March and early April seeing similar behaviors from institutional investors.
As pointed out by Ki-Young Ju, the CEO of the on-chain analytics platform CryptoQuant, institutional BTC buying “might be the big narrative” in the crypto space once more.
Bitcoin Falls to Monthly Low as Sell-Off Accelerates
Bitcoin dropped to its lowest level in more than a month as investors moved money out of the world’s largest cryptocurrency. The largest cryptocurrency fell as much as 4.2% on Monday, April 18, to trade as low as $38,580.
The 24 hours price chart of Bitcoin (BTC). Source: Tradingview
According to market analyst John Roque, Bitcoin technical charts suggest a further drop in price as the asset is “not close to an oversold reading.” bitcoins near-term support is at $35,000, and if that fails to hold, we could see Bitcoin retest $30,000.
On The Flipside
- As a result of the 4% price drop, the liquidation of Bitcoins and Ethereum traders across exchanges crossed $230 million over the past hour. Long positions account for 88.72% of the wipeout.
Why You Should Care
The recent outflows of Bitcoin from Coinbase and other exchanges are used as a pointer to the return of institutional investors to the crypto space.
