Analyst: Frequent large Bitcoin withdrawals indicate rising institutional interest

In a recent CryptoQuant post, analyst Burak Kesmeci reported that 8,455 Bitcoin was withdrawn from Coinbase in a single block on Dec. 9. Kesmeci speculates that this movement could be linked to major players like BlackRock fulfilling spot ETF requirements or companies like MicroStrategy making institutional buys. He also mentioned that such frequent large withdrawals are an indication of increasing institutional interest in Bitcoin, irrespective of its price.