The CEO of CryptoQuant, Ki Young Ju said that Bitcoin is still going to rise in value. Ju took a cue from a recent movement of 15,000 BTC from Coinbase to assert that it is a sign that the corporate institutions are investing in the digital asset in readiness for the next price surge.
The withdrawal from Coinbase is likely an OTC deal made by institutional investors. The funds were moved to a custodial wallet which already has a substantial amount of bitcoins, the report said.
According to Ki Young Ju, all indicators show that this is not an exchange to exchange transaction. He made reference to an earlier tweet:
“If Coinbase moves a significant amount of Bitcoins to other cold wallets, it indicates OTC deals”
He added that:
“Since the price is eventually determined on exchanges, massive non-exchange transaction volume is considered as a bullish signal. These transactions include OTC deals.”
Even though Bitcoin recently shed $10,000 which made some observers skeptical, the increased interest of institutional investors has become more apparent.