477.2 Billion Won Worth of Bitcoin Deposited Into Major Exchanges, Signaling Institutional Interest

IconCryptoNewsTerminal Staff22 Jul, 2024

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477.2 Billion Won Worth of Bitcoin Deposited Into Major Exchanges, Signaling Institutional Interest

477.2 Billion Won Worth of Bitcoin Deposited Into Coinbase and Gemini According to a recent CryptoQuant alert, a massive amount of Bitcoin (BTC) worth 477.2 billion won (approximately $434 million) has been deposited into Coinbase Prime, Coinbase Advanced, and Gemini exchanges within the past hour. CryptoQuant notes that large deposits into exchanges that offer custody services are often associated with deposits from institutional clients. This suggests that institutional investors are continuing to show interest in the cryptocurrency market. The influx of institutional money into the crypto market has been a key driver of Bitcoin's recent price surge. As more institutions adopt digital assets, the demand for BTC is likely to increase, further supporting its value. This latest development emphasizes the growing institutional acceptance of Bitcoin as a legitimate investment asset. As the market matures, we can expect to see even more institutional capital flowing into the cryptocurrency space.

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