{"id":11234,"date":"2022-05-31T13:28:40","date_gmt":"2022-05-31T13:28:40","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/wealthy-coinbase-clients-are-still-hodling-bitcoin-since-december-2020-data-suggests\/"},"modified":"2022-05-31T13:28:42","modified_gmt":"2022-05-31T13:28:42","slug":"wealthy-coinbase-clients-are-still-hodling-bitcoin-since-december-2020-data-suggests","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/wealthy-coinbase-clients-are-still-hodling-bitcoin-since-december-2020-data-suggests\/","title":{"rendered":"Wealthy Coinbase clients are still ‘hodling’ Bitcoin since December 2020, data suggests"},"content":{"rendered":"
Bitcoin’s (BTC) price dropped by more than 50% after peaking out at $69,000 six months ago but the plunge did little in forcing some of its wealthiest investors into selling.<\/p>\n
Notably, the number of Bitcoin under Coinbase Custody for institutional clients rose by 296% since Q4 2020, showcasing the most investors decided to “hodl” onto their investments despite BTC price down well over 50% from its all-time highs.<\/p>\n
\nJUST-IN: #Bitcoin<\/a> under @Coinbase<\/a> Custody for institutional clients increased by 296% since Q4’20. pic.twitter.com\/iILge2Cane<\/a><\/p>\n
\u2014 CryptoQuant.com (@cryptoquant_com) May 30, 2022<\/a><\/p><\/blockquote>\n
For instance, institutions that deposited 10,939 BTC (~$335 million at today’s price) with Coinbase Custody in December 2020, when BTC\/USD was around $23,000, have not moved since, on-chain data<\/a> from CryptoQuant shows.<\/p>\n
Ki Young Ju, CEO of CryptoQuant, noted: <\/p>\n
“For most cases, the same amount of BTC is still in the (custodian) wallets, which flowed out from Coinbase for highly likely institutional purchases in December 2020.”<\/p><\/blockquote>\n