On-chain data shows crypto exchange Coinbase saw a withdrawal of 400k Ethereum yesterday. This could be a sign of activity from institutional investors, and could prove to be bullish for the coin.
Coinbase Observes Outflow Of 400,000 ETH
As pointed out by a CryptoQuant post, about 400k ETH (1.5 billion at the current exchange rate) was withdrawn yesterday from the crypto exchange Coinbase.
The indicator used here is the Ethereum outflow, which shows the total number of coins exiting wallets of the exchange.
When the metric shows a big spike, it means a lot of ETH was withdrawn from the exchange. Investors usually take out a lot of coins to either hodl them or to sell them through OTC deals.
So, constant outflows can mean that there is a buying pressure in the market and investors feel bullish on Ethereum.
the crypto exchange Coinbase saw a spike of a massive 400k Ethereum in outflows yesterday.
Outflows this big can be a sign of activity from institutional investors as certainly normal holders won’t have these many coins to move around.