CryptoQuant CEO Ki Young Ju is revealing that nearly a billion dollars worth of Ethereum was withdrawn from crypto exchange Coinbase in the past week.
In a new tweet, the head of the blockchain data provider suggests that the 400,000 Ethereum worth $800 million moving out of the US-based crypto exchange may have been fueled by institutional demand for the second-largest cryptocurrency by market cap.
“400,000 ETH flowed out from Coinbase a few days ago. Speculative guess, institutions are now buying ETH.”
Earlier this year, crypto asset management giant Grayscale disclosed that in the final quarter of 2020, 93% of all capital inflows into digital assets were from institutions. The average weekly investment into the Grayscale Ethereum Trust during that period was $26.3 million.
At the beginning of March, cryptocurrency analytics firm Santiment revealed that large investors (defined as those holding over 10,000 ETH) were in control of nearly 70% of the digital asset’s supply.
“As Ethereum rebounded