16,021 Bitcoin Outflow From Coinbase Occurred (Who Bought It?)

16,021 Bitcoin Outflow from Coinbase Occurred (Who Bought It?)

This is the seventh time in 2024 that there has been a outflow of more than 15,000 Bitcoin, what could this mean?

When we examine the Coinbase outflow data on an hourly basis, we can see that the transaction occurred on May 15, 2024, at 05:00.

We have witnessed similar Bitcoin outflows seven times before this.

As you can see second chart, there have been large Bitcoin outlfows since February 19, 2024.

At first glance, this seems like a positive. The value of today's transaction is approximately $989,561,227! It seems a bit utopian to think that a transaction worth nearly $1 billion was carried out by an individual. In this case, we can assume that this transaction was carried out by an institution we still don't know about.

However, this is the most optimistic assumption.

Conclusion

There is a high probability that this transaction is a institutional purchase.

But on the flip side, it could also be an internal transfer by Coinbase. Now we know the counterargument as well. Nevertheless, it has only been 12 weeks since the first major withdrawal (18,746 BTC - February 19, 2024), and we have witnessed such transactions seven times. What a coincidence! I think unknown institutions in the US are behind this (personal comment).

In the near future, we will learn which individuals or institutions these transactions are associated with, and I will share it here.

Thank you for reading.

Written by burakkesmeci