BTC Worth $1B Left Coinbase With Institutions Ignite FOMO Buying

BTC worth $1B has left Coinbase as institutions launched their FOMO buying mode and continue chasing the benchmark cryptocurrency in the frantic bull run. This is a huge sign of institutions catching the FOMO Bug according to one analyst about we will find out more in today’s Bitcoin news.

The Institution-focused Coinbase Pro exchange registered an outflow of about 35,000 BTC worth more than $1 billion according to the data source CryptoQuant. The huge outflow came a day after BTC worth $1B or about 12,063 coins left the exchange which represented the institutional FOMO buying, according to Ki Young Ju who is the CEO of Koran CryptoQuant.

Another insane Coinbase outflow. 35k BTC. Institutions FOMO buying https://t.co/8pEBgTd9Jl

— Ki Young Ju 주기영 (@ki_young_ju) January 2, 2021

These huge outflows from Coinbase Pro usually end in the cold wallets of the exchange for custody which is then integrated with the exchange’s over-the-counter desk. The institutions transact over the counter in a bid to avoid making huge impacts on the spot market price. Bitcoin’s rally from the October lows near the $10,000 price level was fueled by the strong institutional demand and the ascent gone ballistic later with the prices rising to the current $30,000.

While Ju’s claim that institutions are now purchasing on the fear of missing out can be challenged with more evidence that persistent demand from the big players is creating a supply squeeze and allows for a prolonged price rally. For example, about 47,000 BTC left Coinbase Pro in the past two days in 2021 while the miners minted over 1700 BTC. The benchmark cryptocurrency increased from $29,800 to new record highs to $33,000 as the coin was changing hands near $31,600. The cryptocurrency is up by 10% this year as it soared 300% in 2020.

Speaking of Coinbase, In a lawsuit filed in the federal court in San Francisco California, Thomas Sandoval who is the plaintiff in the lawsuit alleged that Coinbase sold XRP despite knowing that the cryptocurrency is a security and not a commodity.
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He seeks damages for the commissions that the exchange collected from him and other users as well. In a statement released an earlier week, Coinbase explained that it is suspending the trading of XRP as Ripple faces a lawsuit from the US Securities and Exchange Commission over the sale of the crypto asset. SEC claims that the payment processing company that owns the lion’s share of XRP violated the federal securities laws by selling the digital assets without registering them as a security.