On-chain cryptanalysis firm CryptoQuant announced on social media that it moved a total of $ 131 billion worth of bitcoin in a single day earlier this month, with just 1% of that amount being deposits and withdrawals on cryptocurrency exchanges.

The company’s Bitcoin Exchange Fund Flow Ratio, which measures the ratio of BTC transactions that include “all exchanges, to BTC transfers across the network,” hit a two-year low. The decreasing metric, the company adds, indicates an increase in over-the-counter (OTC) trades.

The large amount of BTC being moved and the fund flow rate plummeting to a two-year low suggests that “some are buying a lot of BTC,” according to the company’s CEO Ki Young Ju. According to him, bears could get into trouble if a large company announced it would buy bitcoin.

The CEO added that a similar situation occurred in September 2020, before the price of Bitcoin rose from around $ 11,000 to a new all-time high near $ 64,000 earlier this year. Ki Young Ju shared a tweet he posted at the time that showed a large amount of BTC being carried over on the chain while the fund flow ratio plummeted.

Back in February, Ki Young Ju accurately predicted that Bitcoin price would hit $ 50,000, citing the influx of stablecoin deposits from whales as a bullish signal. In January, the CEO said he had “no doubt” that Bitcoin’s price will hit $ 100,000 this year, although in the short term the bears may take the lead.

Ki Young Ju was tracking data on the San Francisco-based cryptocurrency exchange Coinbase as its outflows had apparently shown the presence of institutional investors buying BTC. Earlier in the month, outflows of $ 1.7 billion from the exchange suggested institutes buying bitcoins over $ 30,000.

DISCLAIMER
The views and opinions of the author or any other person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets carries the risk of financial loss.

IMAGE CREDIT
Featured image via Pexels

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SAN FRANCISCO, April 29, 2021 (GLOBE NEWSWIRE) – (via Blockchain Wire) –– 20Mission (http://www.20mission.com/), a groundbreaking startup community and co-living space for creatives, technology and Entrepreneurship in San Francisco, will launch a one-of-a-kind auction of spaces on May 5th at this historic building coined as NFTs. Ownership of each NFT offers the option to sign a 75-year lease for as little as $ 1 per month. In addition to the real estate asset, auction winners receive an additional NFT, which gives them an exclusive right to use their space as a virtual asset. NFTs representing each room will be minted in a peer-to-peer NFT marketplace starting May 5th.

Developed by Jered Kenna, the early bitcoin exchange pioneer and founder of the US’s first bitcoin exchange, 20Mission is a crypto landmark and location of the very first bitcoin house to be the first to accept bitcoin for rent. It hosted the first Bitcoin Meetups in San Francisco, the first Bitcoin art exhibition, was the location of the first documentary on Bitcoin in 2014: The Rise and Rise of Bitcoin, and served as the founding site for TradeHill and Ripple when Jered Future introduced CEO Chris Larsen to Ripple on the roof. 20Mission now offers luxurious co-living spaces in the heart of San Francisco fully equipped for turnkey living with an integrated, neighboring startup community to encourage entrepreneurship.

“NFTs have had a huge impact on virtual real estate by selling digital homes, but there is a largely untapped market for real estate tied to NFTs,” said Jered Kenna, Founder and CEO of 20Mission. “20Mission is introducing an entirely new model that will shake up the real estate market, allowing auction winners to rent co-living space on a 75-year San Francisco property lease at a fraction of the cost with no extra charges and never taxes. ”

The auction starting price for the NFTs in each room depends on the size, location and equipment of each Coliving Space. Bidders can also purchase NFTs for virtual access to all future virtual properties from 20mission.

For more information on 20Mission and the NFT auction, please visit: http://www.20Mission.com/.

OVER 20Mission:
20Mission is a 41 room San Francisco coliving community focused on the arts, technology and entrepreneurship in the heart of the Mission District. The room consists of commercial space and individual rooms that are fully equipped for turnkey living. Developed by Jered Kenna, creator of TradeHill, the first Bitcoin exchange, 20Mission is a crypto landmark and location of the very first house to accept Bitcoin for rent payment. 20Mission now allows tenants to buy NFTs at auction to rent coliving space on a 75-year lease for $ 1 per month. More information is available at http://www.20mission.com/.

Media contact: 20mission@transformgroup.com
Company contact: press@20mission.com

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