A recent tweet by CryptoQuant CEO Ki-Young Ju stated that 13,000 Bitcoin, having a ginormous value of $624 Million, have been shipped out of Coinbase in just a few hours. These Bitcoins were estimated to be sold to US institutional investors at around $48,000 per bitcoin.
This is the most bullish signal I’ve ever seen, said Young on Twitter, calling the trade a plus for Bitcoin in general. Adding to that, he stated that he is surprised to see the sale of this much Bitcoin even after the recent correction dropping the overall value of Bitcoin significantly.
As of today, seeing the immediate recovery of the crypto to an average of $51,000 currently, intelligent investors were able to gain a huge profit of $42 Million in a few hours turning $624 Million into an astounding $668 Million. This shows the gain in popularity of cryptocurrency in general, boosting the effective value. More and more investors are eyeing crypto and using them to gain profits at high rates.
Bitcoin’s Questionable Stability
These stability issues can be at times very concerning for analysts, but for regular Crypto miners and traders, it is a simple routine. Smart decisions can really enable investors to gain immediate profits, just like the case here. Investors used the drop in value to gain an advantage while others doubted. Using their experience, they had faith in the crypto to recover back and provide profits.
What Is Coinbase Up To Next?
Coinbase, the U.S-based trading beast, has recently filed a direct initial public offering with the U.S. security and exchange commission using dealing in the world’s most famous coin, Bitcoin. The offering refers to the trading of Coinbase’s shares on Nasdaq with the coin named ‘ticker.’ Suspicious Bitcoin creator Satoshi Nakamoto has also been seen as a direct receiver.
Coinbase has been known to have been estimated at over $100 Billion after revealing that it has been dealing in Bitcoin since 2012. This is definitely a huge plus point for Bitcoin as many companies have started to consider Bitcoin as a truly valuable asset which will help Bitcoin gain more value, turning out more profits for investors.