Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst

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.

• Institution-focused Coinbase Pro exchange registered an outflow of over 35, bitcoin worth more than $1 billion early Saturday, according to data source CryptoQuant.
• The large outflow comes a day after 12, 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. 

• 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, has been mainly fueled by institutional demand. The ascent has gone ballistic over the past four weeks, with prices rising from $19, to over $30, 
• 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, bitcoins have left Coinbase Pro in the first two days of the year, while miners have minted just over 1, bitcoin. Bitcoin rose from $29, to new record highs over $33, early today and was last seen changing hands near $31,
• The cryptocurrency is already up 10% this year, having scored a % gain last year, according to CoinDesk 20 data.