Bitcoin institutional buying ‘could be big narrative again’ as 30K BTC leaves Coinbase

bitcoin (BTC) may be below $40,000, but recent data shows that demand from major investors is not slowing down.

For Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, institutional BTC buying “could be the big narrative” in the crypto space. one more time.

Coinbase Pro trades large amounts of BTC

Ki highlighted figures from Coinbase Pro, the professional trading arm of United States exchange Coinbase, confirming that large tranches of BTC continue to roll off their books.

Those tranches totaled 30,000 BTC in a single day this week, and the event is not an isolated one, as March saw similar behavior.

“30k BTC came off Coinbase today,” he noted,

"Institutional purchases could once again be the grand narrative because the Executive Order did not create any roadblocks."

Last month's US executive order, designed to investigate Various aspects of the cryptocurrency ecosystem have apparently not acted as a deterrent to high-volume investors seeking exposure.

The trend is evident across exchanges, as Cointelegraph reported this week, and April is currently trying to match March in terms of overall departures.

The reduction in supply contrasts with a worrying macroeconomic outlook that continues to put pressure on risk assets, including crypto.

bitcoins correlation with actionsthemselves at the mercy of central bank policy, it needs to break for conditions to improve, but analysts say the process will be anything but smooth when it does happen.

"The correlation eventually breaks down, for multiple reasons," commentator Dylan LeClair. explained earlier this week.

My guess: eventually, the credit system breaks down and volatility erupts. BTC follows but more due to derivatives traders and not spot sales. BTC bears conditioned to fade whenever they rally as spot supply continues to tighten.”

Terra maintains buying pressure

Meanwhile, the story of the biggest buyer of the year continues, that of the Terra Blockchain protocol. Luna Foundation Guard (LFG), the non-profit organization attached to Terra, has added around 2,633 BTC ($105.3 million) to its reserves in the last 48 hours.

Related: Bitcoin Price Levels to Watch as Terra Buys 2.5K BTC to Almost Match Tesla

Luna Foundation Guard (LFG), the non-profit organization attached to Terra, has added around 2,633 BTC ($105.3 million) to its reserves in the last 48 hours.

According to tracking resource data BitInfoChartshis wallet is now the 18th largest Bitcoin wallet and contains more BTC than Tesla's corporate treasury allocation.

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