Organizations made $ 800 million worth of Bitcoin, while miners stopped selling assets and started accumulating

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2021-03-26 11:46:03

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According to a chart from analyst firm CryptoQuant, on March 23, financial institutions bought and pulled out of Coinbase a staggering amount of Bitcoin: 14,600 BTC.

That equates to $ 806,723,000 at press time. Besides, Glassnode said BTC miners stopped selling their cryptocurrencies and started accumulating as if they were expecting a bullrun.

Bitcoin $ 806 million was transferred out of Coinbase

On Tuesday, Bitcoin fell quite sharply to hit the $ 53,000 zone briefly, specifically testing the $ 53,560 level after a short rally.

Previously, analysts noticed a large amount of Bitcoin being moved out of exchange Coinbase: 14,600 BTC. Data shared by analytics firm CryptoQuant.

In the past, a similarly large amount of Bitcoin was drawn from Coinbase when financial institutions hoarded Bitcoins during the sale on February 27 and March 5. Both times, Bitcoin was below the $ 50,000 mark.

Miners stop selling Bitcoin: Is a bullrun imminent?

According to data from Glassnode’s chart shared by the CEO of Moskovski Capital, cryptocurrency verifiers (widely known as miners) stopped selling their Bitcoin and switched instead. accumulation mode.

Lex Moskovski believes this is happening because they expect an early Bitcoin bullrun.

At press time, the biggest cryptocurrency is up pretty well to $ 56,600, rebounding from a drop of $ 53,662 earlier today.

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