Share this article
Bitcoin Worth $1B Leaves Coinbase as Institutions 'FOMO' Buy: Analyst
Coinbase Pro exchange registered an outflow of over 35,000 bitcoin worth more than $1 billion early Saturday.
Updated Sep 14, 2021, 10:50 a.m. Published Jan 2, 2021, 9:50 p.m.
On-chain data shows big money continues to chase bitcoin amid the frantic bull run. That's a sign of institutions catching the "FOMO" bug, according to one analyst.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Institution-focused Coinbase Pro exchange registered an outflow of over 35,000 bitcoin worth more than $1 billion early Saturday, according to data source CryptoQuant.
- The large outflow comes a day after 12,063 coins left the exchange and represents institutional FOMO (Fear Of Missing Out) buying, according to Ki Young Ju, CEO of the Korea-based blockchain analytics firm CryptoQuant.
Another insane Coinbase outflow. 35k BTC. Institutions FOMO buying https://t.co/8pEBgTd9Jl
— Ki Young Ju 주기영 (@ki_young_ju) January 2, 2021
- Massive outflows from Coinbase Pro usually end in Coinbase's cold wallets for custody, which is directly integrated with the exchange's over-the-counter (OTC) desk. Institutions typically transact over-the-counter in a bid to avoid influencing the spot market price, as discussed in December.
- Bitcoin's rally from October lows near $10,000 has been mainly fueled by institutional demand. The ascent has gone ballistic over the past four weeks, with prices rising from $19,000 to over $30,000.
- While Ju's claim that institutions are now buying on fear of missing out can be challenged, there is evidence that persistent demand from big players is creating a supply squeeze, allowing for a continued price rally.
- For instance, at least 47,000 bitcoins have left Coinbase Pro in the first two days of the year, while miners have minted just over 1,700 bitcoin. Bitcoin rose from $29,800 to new record highs over $33,000 early today and was last seen changing hands near $31,600.
- The cryptocurrency is already up 10% this year, having scored a 300% gain last year, according to CoinDesk 20 data.
See also: On-Chain Data Suggests More Institutions Are Buying Bitcoin Over the Counter
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Boring Bitcoin's Green Light Moment Incoming?
BTC continues to bore traders with its directionless price action. But some indicators are pointing to renewed bullishness.
What to know:
- The Federal Reserve's recent rate cut did not significantly impact bitcoin's price, which remains directionless.
- Bitcoin's MACD histogram signals potential bullish momentum, while the dollar index's points bearish.
- The ETF flows continue to disappoint.
Top Stories
