The cryptocurrency community is surprised by news of a substantial Bitcoin (BTC-USD) exodus from Coinbase (NASDAQ:COIN). This marks the second significant withdrawal within a week, this time worth nearly $1.2 billion.
Delving into the specifics, a CryptoQuant Quicktake post sheds light on the withdrawal of 17,000 BTC from Coinbase. A spike in this metric is generally interpreted as a signal that investors are moving their holdings to private wallets, presumably in anticipation of long-term growth. This trend of withdrawal is often seen as an indication of market accumulation, suggesting a collective strategy among investors to buckle down for the long haul.
The Mechanics Behind the Move
The most recent 17,000 BTC exit from the platform follows closely on the heels of another significant outflow of 16,800 BTC. These back-to-back outflows indicate major buying moves, possibly from institutional giants that tend to use Coinbase as their trading platform.
IntoTheBlock‘s on-chain analytics provide a more detailed view of exchange flow dynamics.
- Over the past 24 hours, inflow volume spiked by 86.85%, yet it remains down by 26.45% over the past week and down 5.68% over the past 30 days.
- Conversely, outflows increased by 20.91% in the last 24 hours, showing a decrease of 22% over the past week and a marginal reduction of 0.35% over the past month.
- A notable event on March 31 saw nearly -9,000 BTC removed from exchanges, highlighting a significant shift in exchange-held Bitcoin supply.
Analysts consider outflows as bullish signals, interpreting them as an indication that Bitcoin is moving to more secure, private wallets, reducing the supply available on exchanges. In contrast, inflows are often seen as bearish, suggesting an impending sale as more crypto moves onto exchanges.
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