HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

15,000 Bitcoin are Leaving Coinbase Each Week; Here’s What This Means

Bitcoin 2021/02/16 21:00 by Cole Petersen
  • Bitcoin has been seeing massive Bitcoin outflows each week, which is a positive sign that points to underlying strength
  • This has yet to be reflected in its price, as the crypto has been facing massive selling pressure that has made it increasingly unclear as to where it may trend next
  • In total, 15,000 BTC are being moved off of Coinbase each week, which seems to indicate that massive upside could be imminent in the days and weeks ahead
  • One analyst is now insinuating that this could be a sign of institutional bidding taking place, which would mean that upside is imminent
  • This comes as MicroStrategy also announced their plans to buy a total of $600m worth of Bitcoin – assuming they complete a convertible note raise

Bitcoin has been seeing mixed price action throughout the past few days, with sellers taking full control of its price action as buyers struggle to gain any significant ground over bears.

The crypto is showing some signs of bottoming within the lower-$48,000 region, but the buying pressure here may not be enough to spark any massive move higher in the short-term.

Despite this perceived weakness, on-chain data suggests BTC is just as strong as ever, with 15,000 BTC leaving Coinbase weekly.

Bitcoin Price Struggles Following $50k Rejection

Earlier today, Bitcoin’s price rocketed to highs of $51,000 before facing a strong rejection that has since led to a sharp retrace.

The crypto is currently trading up marginally from its daily open at its current price of $48,300.

The entire market is tanking due to this turbulence, with altcoins all selling off aggressively as buyers seemingly go risk-off.

Until BTC can stabilize and find some support, there’s a strong possibility that further downside is imminent for the entire market.

BTC is Flowing Out of Coinbase at a Rapid Pace

One interesting trend that seems to point to underlying strength is the massive outflows from Bitcoin that are taking place every week.

As one observer noted, 15,000 BTC are being “sucked out of” Coinbase each week, which could be a sign of institutional accumulation.

“15,000 Bitcoin being sucked out of Coinbase per week. Yes, that’s more than $1/2B a week. Yes, more institutions are buying. Expect the headlines to follow.”

Bitcoin

Image Courtesy of Charles Edwards. Source: BTCUSD on TradingView.

How Bitcoin responds to the present inflows of selling pressure should provide insights into where it may trend in the near-term. Regardless of any short-term selloff, the cryptocurrency does appear to be fundamentally healthy.

Featured image from Unsplash.
Charts from TradingView.

0 Like(s)



You should also read...

Bitcoin 09/05/20 23:40 by Marco Tulio
Why Bitcoin Is Seeing Increased On-Chain Activity From Hodlers and Whales
The number of HODLers with large amounts of BTC is constantly increasing, as Bitcoin shows a bullish trend, according to a report by Glassnode. This increase in the number of BTC whales has been t...
Read More
Bitcoin 26/05/20 03:00 by Cole Petersen
Over 310,000 Bitcoin has Left Exchanges Since “Black Thursday”
The events seen within the crypto market on March 12th – a day now known as “Black Thursday” – were extreme and have sparked a lasting shift in dynamics amongst Bitcoin investors. One of the m...
Read More
Bitcoin 11/06/20 22:53 by Brenda Ngari
Experts’ Take On What Comes Next After Bitcoin Suddenly Plummets To $9,300
To say bitcoin has been volatile over the past few weeks would be a gross understatement. Earlier this month, the top crypto surged to almost $10.5K before quickly dropping to as little as $8,600. Ag...
Read More
Bitcoin 30/10/20 07:38 by Nick James
Grayscale CEO: Bitcoin Doesn’t Care Who Wins The Trump-Biden Contest
The upcoming US Presidential elections have attracted attention from the world over, even capturing the crypto market. The crypto space, especially the Bitcoin community has closely watched the battl...
Read More
Altcoins 17/11/20 02:00 by Tony Spilotro
Here’s Why Crypto Analysts Are Divided Over The Future Of Altcoins
Over the last few weeks, Bitcoin has been rising without pause, absorbing all of the capital out of the crypto market and causing altcoins to bleed on BTC pairs. BTC dominance finds itself at a crucia...
Read More