Summary:
30,000 Bitcoin has flowed out of the Coinbase crypto exchange in the last 24 hours.
This event was captured and highlighted by the CEO of CryptoQuant, Ki Young Ju, who also floated the theory that the movement of 30k Bitcoin could be the result of institutional buying as a result of President Biden’s executive order
outlining the government’s approach to digital assets.According to Mr. Ju, the executive order ‘did not create any hurdle’ for the stated institutional investors.
In another analysis shared on Twitter, Mr. Ju speculated that Bitcoin whales sold part of their holdings when BTC hit $47k. The same whales are now accumulating at $40k as the price of Bitcoin seems cheap. He further shared the following chart demonstrating the selling behavior of whales over the years and at different price areas.
Circling back to why institutional investors might be warming up to Bitcoin, the United States is now ranked third among crypto-friendly countries. This is partly due to President Biden and his administration seeking for better understanding and regulation of the crypto sector. The aforementioned executive order by President Biden calls for measures addressing the following regarding digital assets.
Additionally, according to a report by Blockworks, the United States is now ranked first in mining as the country now controls 35% of the total Bitcoin hash rate ahead of Kazakhastan.