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html Bitcoin Outflows from Coinbase Summary: Coinbase has experienced a significant outflow of Bitcoin, with $1.2 billion in BTC leaving the platform, the second large outflow in a week. The exit of 17,000 BTC suggests high exchange outflow, signaling potential long-term accumulation in the...
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Bitcoin Outflows from Coinbase Summary: Coinbase has experienced a significant outflow of Bitcoin, with $1.2 billion in BTC leaving the platform, the second large outflow in a week. The exit of 17,000 BTC suggests high exchange outflow, signaling potential long-term accumulation in the market. The spike in outflow, totaling $1.17 billion, could indicate major buying moves, possibly by institutional entities, contributing to Bitcoin's recent price slide to $68,500. This trend, influenced by institutional investors, has implications for the asset's price action and market dynamics.
Data shows Bitcoin has just seen its second large outflow from Coinbase in a week, as almost $1.2 billion in BTC has left the platform.
Large Withdrawal from Coinbase: As an analyst in a CryptoQuant Quicktake post explained, the cryptocurrency exchange Coinbase has just seen the exit of 17,000 BTC. The on-chain indicator of relevance here is the “exchange outflow," which measures the total amount of Bitcoin being transferred out of the wallets of a given centralized exchange. When the value of this metric is high, it means that investors are withdrawing large amounts from the platform. This trend can be a sign that long-term accumulation is happening in the market.
Bitcoin Exchange Outflow Spike: The Bitcoin exchange outflow for Coinbase has spiked in the past day. In total, 17,000 BTC have moved out of the platform with this massive withdrawal, worth a whopping $1.17 billion. Another similar large-scale outflow occurred a few days prior, possibly indicating major buying moves by institutional entities.
Bitcoin's Price Impact: Despite the outflows, Bitcoin's price has fallen to $68,500, reflecting the impact of these market movements.
Bitcoin Spot ETF Approval and Institutional Investors: Since the Bitcoin spot exchange-traded fund (ETF) approval earlier in the year, the BTC price action has appeared to have been affected by the movements of institutional investors. Given this fact, these outflows can naturally be bullish for the asset’s price, reflecting buying pressure in the market.
Bitcoin Price: While this huge outflow has just occurred for the cryptocurrency, its price has slid down, now falling to just $68,500.
Featured image from iStock.com, CryptoQuant.com, chart from TradingView.com
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