- There have been seven batches of outflows of over 15,000 BTC from Coinbase since February
BTC also recorded its highest netflows since December 2023
As a researcher with extensive experience in cryptocurrency markets, I find the recent pattern of significant Bitcoin outflows from Coinbase and the resulting record netflows an intriguing development. The consistent pattern of large-scale outflows since February, totaling over 100,000 BTC, cannot be overlooked. This trend contributed to Bitcoin’s surge to $66,000 on the price charts and its highest netflows since December 2023.
I’ve noticed an intriguing trend in Bitcoin transactions from a particular exchange. Over the past few months, there have been recurring large-scale outflows of Bitcoin from this platform. These outflows may have played a role in the recent surge of net inflows for Bitcoin as a whole, which coincided with the cryptocurrency reaching an all-time high price of $66,000 on the charts.
Bitcoin ‘sexchange outflow pattern
New information from CryptoQuant indicates that a substantial amount of 16,021 Bitcoin was withdrawn from Coinbase on May 15th. Though this transfer alone may not be alarming, a closer examination reveals a recurring trend. Since February, there have been seven instances where over 15,000 BTC were taken out of the exchange, suggesting a noteworthy pattern.
The most recent Bitcoin outflow event, which occurred when its price was over $66,000 or so on May 16th, surpassed $1 billion in value. This significant event took place amidst a notable increase in overall trading volumes.
Bitcoin sees record netflows
A close examination of the Bitcoin outflow data from CryptoQuant revealed a notable increase in outflows on May 15, reaching a peak level seen in weeks. The volume of Bitcoin moving out was approximately 55,217 units worth over $3.6 billion. This significant outflow had last been detected on March 28, aligning with a time when Bitcoin’s price hovered around $70,000.
On May 15th, Bitcoin experienced its largest outflow in several months, according to exchange data, with approximately 23,359 BTC moving out of exchanges, surpassing the incoming transfers.
Since December 2023, a negative netflow level as large as this had not been observed. As of now, withdrawals outpaced deposits in cryptocurrency exchanges, implying that a significant amount of Bitcoin was being taken off the exchanges.
BTC re-enters the $66,000 price range
As a crypto investor, I’ve witnessed an impressive 7.65% increase in Bitcoin’s value on May 15th, pushing it up to $66,244 at the time of reporting. This price jump brought us back to levels last seen before Bitcoin dipped below this mark around mid-April.
– Read Bitcoin (BTC) Price Prediction 2024-25
Lately, Bitcoin’s price trend has caused its Relative Strength Index (RSI) to surpass the neutral threshold.
An RSI analysis revealed that Bitcoin’s Relative Strength Index had risen above 50 following several weeks of staying below this mark. This upward movement in the RSI may signal a favorable situation for Bitcoin’s bulls.
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2024-05-16 20:08