Coinbase Still Holds 1.4m Bitcoin for Institutional Investors, Representing a Rise of 296% from Q4 2020

Regardless of the ups and downs skilled within the Bitcoin market for the reason that fourth quarter of 2020, crypto trade Coinbase continues to carry 1.4M BTC for institutional prospects.

Market perception supplier CryptoQuant stated:

“Bitcoin below Coinbase custody for institutional shoppers elevated by 296% since This autumn ’20.”

Supply: CryptoQuant

Bitcoin below Coinbase custody for institutional traders has elevated from 560,739 BTC recorded within the fourth quarter of 2020 to hit 1,461,089 BTC within the first quarter of this yr.

The journey since then has not been clean crusing based mostly on the hiccups skilled within the Bitcoin market.

As an example, BTC breached the then all-time excessive (ATH) of $20,000 in December 2020 after making an attempt to take action in useless for almost three years. Afterwards, the main cryptocurrency set a comparatively excessive of $64.8K in April 2021, however a month later, issues went haywire after shedding greater than 50% of its worth to hit lows of $30,000.

This downward pattern was triggered by China’s intensified crackdown on crypto mining.

Nonetheless, Bitcoin was in a position to mud itself off by setting a brand new ATH of $69,000 in November 2021. 

Primarily based on BTC’s present value of $31,500, the maiden cryptocurrency has misplaced greater than 50% of its worth for the reason that document excessive of $69K, however institutional traders are nonetheless holding sturdy.

Market analyst Ali Martinez just lately acknowledged that BTC has been leaving crypto exchanges, signalling a holding tradition. 

He pointed out:

“Roughly 40,000 BTC have been withdrawn from identified cryptocurrency trade wallets whereas whales had added over 30,000 BTC to their holdings over the previous week.”

Supply: Santiment

Due to this fact, holding is a favoured technique within the Bitcoin market as a result of cash are stored for future functions aside from hypothesis. 

Picture supply: Shutterstock