The latest data from glassnode shows that BTC outflow from Coinbase has increased significantly. The charts show that the current balance of BTC in this cryptocurrency is about 700k that is near the amount we saw in December 2017.
When the BTC outflow from exchanges increases, analysts and experts predict many trends. Most of them think that maybe whales are moving their assets from exchanges and tend to hold for a longer time. It may result in a price increase in BTC or other coins.
Any Effect on the Bitcoin Value?
Inflow and outflow of cryptocurrencies in relation to exchanges can result in many changes in the market trend. Bitcoin, as the most influential cryptocurrency in the market, has a big effect on this movement.
When lots of Bitcoins move in to or out of exchanges, it can mean a new trend in the market. Many believe that moving in Bitcoins to exchanges is for selling them that will result in a price decrease.
On the other hand, when the outflow increases, we can say that buyers are tending to hold for a long time that may increase the price. It can affect the alt market, too.
The latest data about one of the biggest crypto exchanges in the market shows that BTC outflow is increasing. Glassnode tweeted about this increase that has brought the total balance of BTC in Coinbase to 700k (live chart). It can affect the market because Coinbase is where many BTC traders hold and trade their assets.
After a period of moderate $BTC inflows following the May Sell-off, Coinbase has seen a large outflow of coins.
This brings total balance to just over 700k $BTC.
The last time the Coinbase #Bitcoin balance was at this level was December 2017.
Live Chart https://t.co/xYOrYZMY4x pic.twitter.com/fwOLXZdFn3
— glassnode (@glassnode) September 1, 2021
The latest considerable movement regarding BTC inflow and outflow in Coinbase happened in May 2021. It resulted in a big sell-off that changed the market trend, too. The last inflow showed that bringing coins to exchanges has a high rate of probability that holders will sell their coins.
Now, we see many holders are moving their coins out of a big exchange like Coinbase. It may mean they won’t sell their assets, and the price may continue going up.
Many analysts believe that we can’t rely on data from one exchange for predicting the market trend. Some of the replies to glassnode’s tweet mention different reasons.
They say that big companies like Tesla, Grayscale, and Saylor have bought BTC in CoinbasePro, and they’re moving their assets to proprietary wallets now. Anyway, this can indicate a bull tun, too.
The BTC balance in Coinbase is currently about 700k. The last time the balance was at this level was in December 2017.
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