A significant amount of bitcoins have left exchange wallets recently, according to the CryptoQuant analytical platform. According to its founder, Ki Yong Joo, this could be a bullish factor in the short term.
According to CryptoQuant, 15,200 BTC worth about $ 500 million were withdrawn from Coinbase alone yesterday. Zhu suggests the bitcoins could have been purchased using Coinbase’s over-the-counter service for institutional players. Assets were withdrawn in amounts from 1,100 BTC to 4,400 BTC. Usually, crypto exchanges do not split transfers in this way when moving coins between their own wallets, as this leads to an increase in overhead costs.
“Bitcoins went to custody wallets, for which only incoming transactions were noticed. These are likely over-the-counter transactions of institutional investors. I consider this to be the strongest bullish signal, ”he wrote.
Entrepreneur Alistr Milne cites statistics showing that bitcoins were not only leaving Coinbase wallets. Thus, Huobi’s balance decreased by 1,079 BTC, Binance – by 2,650 BTC, and OKEx – by 3,610 BTC. In total, the net churn for the wallets of all monitored exchanges was 20,852 BTC.
Zhu also notes that the volume of stablecoin deposits on exchanges has been growing in recent days. On this basis, he concludes that the bulls will most likely be able to defend the $ 33,000 support.
In addition, the Coinbase exchange again saw a moderate excess of the price of bitcoin over the market average. CryptoQuant CEO sees this as another bullish factor, signaling heightened buying activity on the leading US trading platform.
At the time of publication, Bitcoin is trading around the level of $ 34,000, showing a slight increase over the past 24 hours.