Ki Young Ju, CEO of CryptoQuant He mentioned an unusual situation in his post on his Twitter account.
CEO Ki Young Ju, cryptocurrency exchange in his post 570k ETH from Coinbase to unknown wallets (approximately 700 million dollars) was transferred.
@Coinbase cents 570k $ETH to new wallets.
There’s no outgoing transaction yet, so not sure whether these are internal transfers or txns to custodian wallets for OTC deals.
The former is nothing but the latter is bullish. Will keep you posted. pic.twitter.com/XCWHITxUag
— Ki Young Ju (@ki_young_ju) July 7, 2022
The CEO focused on two possibilities for these transfers:
- The first possibility is that these transfers may be ordinary transfers within the exchange itself.
- The second possibility is OTC (over-the-counter) transfer. This could mean that the Coinbase exchange is transferring Ethereum to large institutional investors.
While evaluating both possibilities, Ki Young Ju said that the first situation does not make sense, but the realization of the second situation could be a bullish start.
Asked on the CEO Twitter account, “why does this situation mean a rise?” “Imagine who could buy $750 million worth of Ethereum at once. They are the new captain of the ETH ship.” replied.
In addition, in the previous statement of the famous CEO about the decreases in the market, “BTC is unlikely to go below $20,000 unless institutions that bought BTC in the bulls of 2020 and 2021 sell their Bitcoins.” known to comment.