CNBC Pro

Institutional investors are bullish on bitcoin again, based on this key data point

Share
The bitcoin community appears to have resolved the in fighting over the future of the cryptocurrency.
Vyacheslav Prokofyev | TASS | Getty Images

About $2.5 billion in bitcoin moved off crypto exchanges Wednesday morning, a signal that institutional investors are getting off the sidelines after a bearish few weeks for the cryptocurrency.

The balance of bitcoin on exchanges fell as 63,289 BTC were transferred off the platforms, according to blockchain data provider Glassnode, which tracks the flows of exchanges including Coinbase, Kraken and Binance.