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US Institutions continue to accumulate Bitcoin, grab over $600 million from Coinbase Pro

Published 02/25/2021, 01:47 PM
Updated 02/25/2021, 02:00 PM
US Institutions continue to accumulate Bitcoin, grab over $600 million from Coinbase Pro

New info from the CEO of CryptoQuant shows that amid Bitcoin’s correction, US investors have continued to gobble the digital asset. Ki Young Ju disclosed earlier today that institutions acquired 13,000 Bitcoins from the U.S.-based exchange Coinbase.

The chief executive of the analytics platform took to Twitter to share that these big-money players spent a staggering $624 million to acquire Bitcoin at an average price of $48,000 per coin. Following the purchase, the funds were moved out of Coinbase possibly into cold storage wallets.

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