:*ASTONISHING NEWS*:

$500,000,000 in Bitcoin Through Coinbase — What's Happening?

* $500 million in Bitcoin on move.

* Bitcoin ETFs welcome $477.93 million in daily netflows.

According to recently shared data by CryptoQuant, the biggest cryptocurrency trading platform in the U.S. jurisdiction, Coinbase, has been stunned with a cumulative withdrawal worth roughly half a billion dollars.

 An analyst of the aforementioned on-chain data company shared his take on what this withdrawal could mean for the crypto market.

$500 million in Bitcoin on move CryptoQuant has noticed that the U.S. largest cryptocurrency exchange by trading volume, Coinbase, has seen cumulative withdrawals of more than 7,000 Bitcoins. This happened on April 25, according to the chart. This amount of crypto is worth approximately $500,000,000.

Over 7,000 Bitcoin withdrawn from Coinbase. 

“Over $500 million worth of BTC was moved out of exchanges, suggesting whales are withdrawing Bitcoin for long-term holding or off-platform use (e.g., DeFi, cold storage).” 

On April 22, the amount of withdrawals came very close to $1.5 billion worth of Bitcoin. While the chart just shows withdrawals and deposits to exchanges, the CryptoQuant analyst Amr Taha names only Coinbase as the platform that suffered the mammoth withdrawals of BTC. 

The analyst explains these gargantuan withdrawals by several possibilities, but all of them come down to one thing — accumulation. It could be financial institutions scooping up Bitcoin, especially since institutions in the U.S. primarily prefer to use Coinbase. 

“Such large outflows often indicate long-term holding intentions,” the analyst stresses. Besides, these purchases could be related to spot Bitcoin ETFs and indicate “significant underlying demand.” Potentially, Amr Taha says, this could be signaling bullish investor sentiment.