US Institutions continue to accumulate Bitcoin, grab over $600 million from Coinbase Pro
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US Institutions continue to accumulate Bitcoin, grab over $600 million from Coinbase Pro

Saudu Clement
Saudu Clement

New info from the CEO of CryptoQuant shows that amid Bitcoin’s correction, US investors have continued to gobble the digital asset. Ki Young Ju disclosed earlier today that institutions acquired 13,000 Bitcoins from the U.S.-based exchange Coinbase.

The chief executive of the analytics platform took to Twitter to share that these big-money players spent a staggering $624 million to acquire Bitcoin at an average price of $48,000 per coin. Following the purchase, the funds were moved out of Coinbase possibly into cold storage wallets.

Meanwhile, the San Francisco-based trading giant, Coinbase, has filed for a direct initial product offering with the U.S. Securities and Exchange Commission. If successful, Coinbase would become the first crypto exchange to go public, a major win for the industry.

Data from Axios currently sets the firm’s valuation at over $100 billion, with investors buying Coinbase stocks in secondary markets for $373 per share.

The exchange also revealed that it had been investing in the flagship currency and other digital assets since 2012.

Overall, institutions are actively buying the dip. As reported by BTC PEERS, MicroStrategy just bought $1.02 billion worth of Bitcoin.