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$100,000 is coming: investors withdraw $2 billion in BTC from Coinbase
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Bitcoin (BTC) price entered an all-out bull run after Donald Trump won the US presidential election a month ago. In the month of November alone, according to Coinglass, this increase reached more than 37%.
However, the most recent valuations have been quite disappointing compared to several altcoins. In December, BTC has gains of a mere 0.13%while altcoins like XRP rose more than 70% in the same period.
Although the concept of “altseason” is on the rise, the amount of BTC being withdrawn from exchanges continues to increase. I.e, investors continue to believe in further appreciation of BTC and refuse to sell. On Coinbase alone, traders have withdrawn more than $2 billion worth of BTC in the last 24 hours.
The amount of BTC on trading platforms like exchanges is an adequate hint about its short-term price movements. QThe higher the supply, the greater the likelihood of a correction due to immediate selling pressure.
Nearly 20,000 Bitcoins withdrawn from Coinbase
Conversely, the lower the supply on exchanges, the greater the possibility of increases due to the scarcity of BTC. Therefore, the departure of 20,000 BTC from Coinbase is a relevant fact that could bring further price appreciation.
As data from CryptoQuant shows, this BTC outflow occurred at two different times. In the first operation there was a withdrawal of 10,862 BTC, followed by another withdrawal of 8,625 BTC three hours later. These operations were out of line with the exchange’s withdrawal pattern, which averaged 1,500 BTC per hour.
The scenario surrounding Bitcoin has been quite positive in this regard in recent months, as investors are periodically withdrawing their funds from exchanges and storing them in private wallets. From a short-term perspective, the situation is equally promisingas detailed by CryptoQuant.
Interestingly, the amount withdrawn by investors is equivalent to the US$2 billion that the United States government deposited on the exchange on Tuesday (3). On that occasion, 19,000 BTC were transferred from seizures made by the US when the Silk Road website was closed 10 years ago.
The huge rally in BTC that took the asset from $70,000 to just under $100,000 in the space of a few weeks put all investors in a buying position. Only After this spectacular run, many investors decided to take profitswhich resulted in a price correction.
BTC fell below US$93,000 last week, but recovered and is now worth US$95,900, up 1.1% in the last 24 hours. However, the buyers have not yet managed to challenge the psychological barrier of $100,000.
$100,000 is coming: investors withdraw $2 billion in BTC from Coinbase
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$100,000 is coming: investors withdraw $2 billion in BTC from Coinbase
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$100,000 is coming: investors withdraw $2 billion in BTC from Coinbase
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$100,000 is coming: investors withdraw $2 billion in BTC from Coinbase
