Large buys on Coinbase Pro indicate institutions are continuing to buy the dip
A few hours ago, there was another very large buy order that went off on Coinbase Pro...
The order was for 12,000 bitcoin at a price of $48.6k which equates to roughly $583 million.
This is the 3rd such large buy order we have seen in the last several days.
Check it out:
Who could this be?
While it's impossible to know who this large buy order is, we do know that MSTR, TSLA, and SQ have all used Coinbase Pro in the past to complete their large purchases.
Which may imply that is one of those guys... Though, it's also possible it's someone else entirely.
We know that MSTR just bought $15 million worth yesterday, so it's not them...
If I had to guess, I would guess that it is SQ, or someone else that we don't know about yet.
Possibly TWTR or Paypal perhaps?
We will likely find out in the coming days or perhaps we have to wait all the way to the end of the quarter to see it in a quarterly filing like TSLA did...
There's a trend here...
This this recent buy is huge and one of several we have seen in the last week, it's not something out of the ordinary this year.
We've seen numerous large buys this year with some really large ones occurring at the start of the year:
It's kinda fun to look at charts like this and try to guess who actually purchased that bitcoin.
We can see pretty clearly where/when MSTR and TSLA bought on this chart.
I doubt TSLA is going to be buying anymore considering how much cash they burn through and how they already have 8% of their cash in bitcoin.
I can't wait until AAPL puts $10 billion or more in bitcoin which is less than 5% of their current cash positions...
2021 is shaping up to be the year that corporations and institutions finally made their way into bitcoin.
Stay informed my friends.