{"id":470112,"date":"2021-08-25T19:00:30","date_gmt":"2021-08-25T19:00:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=470112"},"modified":"2024-06-11T13:52:21","modified_gmt":"2024-06-11T13:52:21","slug":"coinbase-31k-bitcoin-outflow-bull","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/coinbase-31k-bitcoin-outflow-bull\/","title":{"rendered":"Despite Drop To $47k, Coinbase Observes 31k Bitcoin Outflow. Bull Rally Still On?"},"content":{"rendered":"

On-chain data shows despite the Bitcoin drop to $47k, Coinbase saw outflows of around 31k BTC, a sign that the market could still be bullish.<\/p>\n

Outflows Of 31k BTC On Crypto Exchange Coinbase<\/h2>\n

As pointed out by a CryptoQuant post<\/a>, the popular crypto exchange Coinbase has observed huge Bitcoin outflows today.<\/p>\n

As is apparent from the name, the “outflows” indicator shows the amount of BTC transferred from an exchange to personal wallets.<\/p>\n

A huge spike in the metric’s value means big investors are moving their Bitcoin out of exchanges either to hodl or for selling through OTC deals.<\/p>\n

Therefore, outflows are generally good signs for the cryptocurrency’s price as they may imply that there is a buying pressure in the market.<\/p>\n

Now, here is the chart for Coinbase<\/a> Pro Bitcoin outflows over the past few months:<\/p>\n

\"Bitcoin<\/p>\n

Coinbase Pro outflows show a huge spike | Source: CryptoQuant<\/a><\/pre>\n
As the above graph displays, the indicator has shot up for Coinbase Pro. The outflow value was about 31,107 BTC, which is worth over $1.5 billion at the current price exchange.<\/p>\n
The exchange is mainly used by US institutional investors so that such a large spike could be bullish for the cryptocurrency.<\/p>\n
Related Reading |\u00a04 Reasons Why Bitcoin Remains Bullish, What Might Bring New ATHs<\/a><\/strong><\/em><\/p>\n
Big outflows are generally associated with an increase in the price shortly after. A look at the Coinbase Pro outflow history supports the trend; from March 2020 onwards, similar values of the indicator became frequent as the bull run marched on.<\/p>\n
Bitcoin Price<\/h2>\n
At the time of writing, BTC’s price<\/a> floats around $48.5k, down 0.16% in the last 24 hours. Though, over the last week the cryptocurrency is still green as its value is about 6.8% up.<\/p>\n
In the past 30 days, Bitcoin has accumulated 26.4% in gains. The below chart showcases the trends in the price of the coin over the last three months:<\/p>\n
\"Bitcoin<\/p>\n
BTC's price sharply falls down after touching the $50k price level | Source: BTCUSD on TradingView<\/a><\/pre>\n
After weeks of climbing upwards, BTC was finally able to break $50k a couple of days ago for the first time since May. However, the coin couldn’t sustain at the level and was rejected downwards.<\/p>\n
Related Reading |\u00a0Will Ethereum Reach Its All-Time-High Before Bitcoin?<\/a><\/strong><\/em><\/p>\n
The downtrend has been sharp, and earlier today the price fell down to as low as $47k. However, since then it has recovered somewhat to above the $48k level.<\/p>\n
It’s unclear which direction Bitcoin will go in next, but if the Coinbase Pro outflows are anything to go by, signs seem to be still bullish for the market. Though, at the moment BTC’s on-chain activity is still very low<\/a>. If the coin tests $50k again without the network activity going up, a bearish signal could flare up instead.<\/p>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows despite the Bitcoin drop to $47k, Coinbase saw outflows of around 31k BTC, a sign that the market could still be bullish. Outflows Of 31k BTC On Crypto Exchange Coinbase As pointed out by a CryptoQuant post, the popular crypto exchange Coinbase has observed huge Bitcoin outflows today. As is apparent from the name, the “outflows” indicator shows the amount of BTC transferred from an exchange to personal wallets. A huge spike in the metric’s value means big investors are moving their Bitcoin out of exchanges either to hodl or for selling through OTC deals. Therefore, outflows are generally good signs for the cryptocurrency’s price as they may imply that there is a buying pressure in the market. Now, here is the chart for Coinbase Pro Bitcoin outflows over the past few months: Coinbase Pro outflows show a huge spike | Source: CryptoQuant As the above graph displays, the indicator has shot up for Coinbase Pro. The outflow value was about 31,107 BTC, which is worth over $1.5 billion at the current price exchange. The exchange is mainly used by US institutional investors so that such a large spike could be bullish for the cryptocurrency. Related Reading |\u00a04 Reasons Why Bitcoin Remains Bullish, What Might Bring New ATHs Big outflows are generally associated with an increase in the price shortly after. A look at the Coinbase Pro outflow history supports the trend; from March 2020 onwards, similar values of the indicator became frequent as the bull run marched on. Bitcoin Price At the time of writing, BTC’s price floats around $48.5k, down 0.16% in the last 24 hours. Though, over the last week the cryptocurrency is still green as its value is about 6.8% up. In the past 30 days, Bitcoin has accumulated 26.4% in gains. The below chart showcases the trends in the price of the coin over the last three months: BTC’s price sharply falls down after touching the $50k price level | Source: BTCUSD on TradingView After weeks of climbing upwards, BTC was finally able to break $50k a couple of days ago for the first time since May. However, the coin couldn’t sustain at the level and was rejected downwards. Related Reading |\u00a0Will Ethereum Reach Its All-Time-High Before Bitcoin? The downtrend has been sharp, and earlier today the price fell down to as low as $47k. However, since then it has recovered somewhat to above the $48k level. It’s unclear which direction Bitcoin will go in next, but if the Coinbase Pro outflows are anything to go by, signs seem to be still bullish for the market. Though, at the moment BTC’s on-chain activity is still very low. If the coin tests $50k again without the network activity going up, a bearish signal could flare up instead.<\/p>\n","protected":false},"author":542,"featured_media":470117,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11680,1119,1144,16512,84124],"class_list":["post-470112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish","tag-btc","tag-btcusd","tag-coinbase-pro","tag-crypto-exchange-coinbase"],"acf":[],"yoast_head":"\nDespite Drop To $47k, Coinbase Observes 31k Bitcoin Outflow. Bull Rally Still On?<\/title>\n<meta name=\"description\" content=\"On-chain data shows despite the Bitcoin drop to $47k, Coinbase saw outflows of around 31k BTC, a sign that the market could still be bullish. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Despite Drop To $47k, Coinbase Observes 31k Bitcoin Outflow. 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