12,000 BTC flowed out of Coinbase, possibly hoarded by institutions

According to CryptoQuant CEO Ki Young Ju, 12,000 BTC have flowed out of the cryptocurrency exchange Coinbase, which may be Bitcoin transactions conducted by institutions for the purpose of hoarding.

Ki Young Ju believes that recently whales seem to have started hoarding Bitcoin again, thus creating many "short traps", but the price of Bitcoin seems to have recovered above $48,000. Analyzing the recent outflow of funds from Coinbase, most of the BTC in custodial wallets has flowed out at a price of $48,000.

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