Data shows that institutions on Coinbase Global Inc have significantly increased their Bitcoin holdings since the last quarter of 2020.
According to analysis by crypto data company CryptoQuant, institutions currently hold 1.4 million BTC on Coinbase. This figure means an increase of 296% in the last 15 months.
BTC price unlikely to drop below $20,000
This number of Bitcoin has increased significantly since the fourth quarter of 2020, when Coinbase had only 580,739 BTC in the name of institutions. However, the amount of BTC held in the last quarter, when Coinbase held 2.2 million BTC for such customers, decreased compared to previous periods.
However, according to CryptoQuant CEO Ki Young Ju, institutions’ BTC holdings are large enough to dispel fears that the digital asset could drop below $20,000. “Unless these 20′ and 21′ institutions are selling bitcoin, the price is unlikely to drop below $20,000,” he wrote on Twitter.
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