On-chain data reveals that theexchange di cryptocurrency Coinbase would have seen a withdrawal of 400.000 Ethereum yesterday. This could be a sign of activity on the part of the institutional investors, and could prove to be a bullish event for the currency.
As a CryptoQuant post pointed out, around 400.000 ETH ($ 1,5 billion at current exchange rates) was withdrawn yesterday from the crypto Coinbase exchange. The indicator used is the Ethereum outflow, which shows the total number of coins out of the exchange's wallets. When the metric shows a large spike, it means that a lot of ETH has been withdrawn from the exchagne. And, as a rule, such behavior is typical of large investors, who withdraw many coins to hodlar them or to sell them through OTC operations.
Hence, steady outflows can mean that there is buying pressure in the market and that investors feel bullish on Ethereum. In turn, the fact that institutional investors are bullish on ETH can mean a lot of positive things for the cryptocurrency.
As of this writing, ETH is at the height of a strong push in recent days, with the coin approaching the $ 4.000 threshold test. It is unclear at the moment whether ETH can maintain this momentum and reach a new all-time high soon, or whether it will retrace yet again.