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

cointelegraph.com:

Bitcoin (BTC) may be heading under $40,000 but fresh data shows that demand from major investors is anything but decreasing.

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

Ki highlighted figures from Coinbase Pro, the professional trading offshoot of United States exchange Coinbase, which confirm that large tranches of BTC continue to leave its books.

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

“30k BTC flowed out from Coinbase today," he noted,

Last month's U.S. executive order, designed to investigate various aspects of the cryptocurrency ecosystem, seemingly has not acted as a deterrent to large-volume investors looking for exposure.

The trend is apparent across exchanges, as Cointelegraph reported this week, and April is currently attempting to match March in terms of overall outflows.

The reduction in supply contrasts with a troubling macro picture which continues to pressure risk assets including crypto.

Bitcoin's correlation to equities, themselves at the mercy of central bank policy, needs to break in order for conditions to improve, but analysts say that the process will be anything but smooth when it happens.

"Correlation breaks eventually - for multiple reasons," commentator Dylan LeClair explained earlier this week.

Meanwhile, the major buyer story of the year, that of Blockchain protocol Terra, continues. The Luna Foundation Guard (LFG), the nonprofit organization attached to Terra, has added around 2,633 BTC ($105.3 million) to its reserves over the past 48 hours.

Related: Bitcoin price levels to watch as Terra buys 2.5K