CryptoQuant data shows that there were two major outflows from Coinbase in the last 24 hours, each exceeding 8,000 BTC. A total of 19,487 BTC were withdrawn at an average cost of $96,043, and the total value of the two transactions was approximately $1.87 billion. "Such a large-scale deal underscores the strong and sustained interest in bitcoin from institutional investors. Since the approval of the spot bitcoin ETF, institutional demand has increased significantly. With retail investor interest likely to soon join the trend, bitcoin appears poised to break through $100,000 in the near future," the analysts said.