11,800 Bitcoins were moved from Coinbase to cold storage by institutions


Data provided by CryptoQuant and Whale Alert shows that over the past thirteen hours, an institutional whale bought 11,827 Bitcoins on cryptocurrency exchange Coinbase and withdrew them to a cold storage vault.

$ 670.9 million in BTC withdrawn from Coinbase

The CIO at Moskovski Capital has shared a chart from CryptoQuant, showing that institutional investors are still stocking up on Bitcoin and are determined to hold onto it for the long term.

The 11,827 Bitcoins withdrawn from Coinbase Pro equals $ 670,995,053. The transaction has been confirmed by the service Whale Alert which tracks large crypto transfers.

Recently, two large banking giants, Goldman Sachs and JP Morgan, have announced their plans to offer exposure to the flagship cryptocurrency to their high-net-worth clients.

Goldman Sachs will allow 2.5% of the client's net worth to be invested in Bitcoin. However, JP Morgan analysts have also predicted that Ethereum will likely outperform Bitcoin.

Bitcoin touches the $ 58,400 line

On April 30, Bitcoin printed two green candles per hour that took it from the $ 53,000 level to the $ 57,000 zone and then closed the month in green.

Earlier today, the flagship cryptocurrency surged a bit higher to touch the $ 58,400 level, however it immediately pulled back.

As of this writing, BTC is changing hands at $ 57,659 on the Kraken exchange.

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