12,354 BTC Withdrawn From Coinbase in an Hour, Totaling $700M

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In Brief
  • 12,354 bitcoin was withdrawn from Coinbase on Friday.

  • Bitcoin strength sees large single day outflow valued at $700 million.

  • Financial institutions continue to adopt bitcoin as market grows.

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An amount of 12,354 BTC was recently withdrawn from Coinbase on Friday totaling over $700 million, the massive outflow could be related to institutional investors according to Moskovski CIO Lex Moskovski

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The amount of 12,354 bitcoin was withdrawn within an hour on Friday. The withdrawal, coupled with bitcoin’s bullish narrative would suggest that the removal from Coinbase could spur even more confidence in the cryptocurrency.

Large bitcoin outflows

Chief Investment Officer at Moskovski Capital Lex Moskovski tweeted the Glassnode graph. Hinting that the withdrawal could be from financial institutions wanting to increase their Bitcoin stock. The CIO said in his Tweet, “Institutions or not, that’s still a significant outflow”.

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Moskovski could not confirm if the outflow was related to institutional investors. However bitcoins recent strength has seen major financial players buying large quantities of the cryptocurrency

Hedge funds offering BTC custody

Large financial institutions have begun offering bitcoin custody services to their clients. Recently, American multinational investment bank Morgan Stanley began offering BTC custody to clients. Goldman Sachs also recently announced that clients would be able to invest in bitcoin.

Some Twitter users are speculating whether the number of bitcoins withdrawn was suspicious. Several users commented that the figure of 12354 seemed like the unspecified party was ‘trolling’.

Benjamin Theordore tweeted “Im kinda annoyed it wasnt 12345”. While Richard Duong tweeted “12354 like a joking number”.

The large withdrawal was from Coinbase, a crypto exchange that aims to be a fair, accessible, efficient, and transparent financial system enabled by crypto. The exchange started in 2012 with the idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin.

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After studying journalism at Rhodes University, Nicholas worked as a financial reporter and analyst, covering a broad range of topics from logistics, to renewable energy, to ICT. Nicholas became fascinated with the ever-evolving world of technology. He is now a crypto asset journalist.

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