Trust is a good thing
Editorial policy strict on accuracy, impartiality, and relevance
Expertly crafted by experts in the industry and thoroughly reviewed
Highest standards of reporting and publication
A strict editorial policy focusing on accuracy, relevancy, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
While Bitcoin (BTC), the leading US-based crypto exchange, continues to trade at its all-time (ATH) high of $111 980, recent activity on major cryptocurrency exchanges indicates that institutional investors are likely strengthening their BTC positions. Most notably, Coinbase – the leading US-based crypto exchange – recorded a net outflow of 7,883 BTC, raising speculation about renewed institutional demand and a potential continuation of the rally.
Coinbase Sees 7,883 Bitcoin Outflow
A recent CryptoQuant Quicktake by burakkemeci revealed that Coinbase saw a daily withdrawal of 8,742 BTC from the exchange on May 26. After accounting for BTC deposits, the net outflow stood at 7,883 BTC – marking the third-largest single-day BTC outflow from the exchange in the past month.
For the uninitiated, daily BTC outflow refers to the total amount of Bitcoin withdrawn from an exchange within a day, while net outflow is the difference between BTC withdrawn and deposited – showing the actual net movement of funds. Positive net outflow indicates that more BTC has left than been deposited, which often signals accumulation.
Related Reading
In the past, institutional announcements and spot Bitcoin ETF inflows have often been followed by large BTC withdrawals. Since all US-listed spot Bitcoin ETFs – except Fidelity’s – source their BTC from Coinbase, the scale of this transaction suggests potential ETF involvement or a corporate acquisition.
Michael Saylor, the leader of Strategy is a likely candidate. Recently, the company has been acquired. disclosed A purchase of 7,390 BTC brings its total to 576,230 BTC. Saylor is also hinted Coinbase is making another big acquisition. Only time will tell if these latest outflows of money are related to this firm.
Coinbase Premium Index supports this institution narrative, as it has remained positive throughout the month. This measure reflects increased buying pressure by US investors. It is usually linked with institutional demand. The analyst concluded that:
This outflow reflects the demand of U.S. institutions. The price of Bitcoin could rise if this demand continues. These moves are especially powerful when they’re fueled by ETFs. They can also lead to new price highs.
Soon a New BTC ATH?
Bitcoin’s current price is $109,589 – just 1.9% lower than its previous high. Multiple on-chain indicators and technical ones suggest BTC may soon reach uncharted waters.
Related Reading
CryptoQuant Contributor ibrahimcosar has recently noted Bitcoin could be heading for $112,000 after it formed a double-bottom pattern on its hourly chart. Bitcoin Spot Taker CVD, or Cumulative Volume Delta has been rising. flipped Back to positive signals bullish momentum
On-chain metrics also show that the holders of the coins are more active. not rushing Even if you have significant gains that are not yet realized, it is still a good idea to sell. This shows you believe in the future of prices. BTC is currently trading at $109 589. That’s a drop of 0.3% over the last 24 hours.
Featured Image from Unsplash. Charts by CryptoQuant, TradingView.com
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
