Bitcoin OTC Balance Records Rapid Outflows — What’s Next For Price?
Over the past two weeks, the Bitcoin market saw an overwhelming sellers’ dominance, with no significant input from the bulls influencing the price. As the flagship cryptocurrency slipped into a downturn, investors increasingly fled the market out of fear, further pushing prices downwards. However, as the Bitcoin price seems to have found stability, an interesting on-chain revelation has also surfaced. If this change proves sustainable, it could mean something positive for the world’s leading cryptocurrency. Related Reading: Bitcoin Trades Below ETF Cost-Basis As MVRV Signals....
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The overall balance on Coinbase, the publicly traded digital exchange, has dropped by about 36.6 percent in the last 24 months due to huge BTC outflows. Reports Shows BTC Exchange Supply Has Decreased The overall Bitcoin balance on Coinbase has reached roughly 650,000 coins, according to Glassnode, a notable on-chain analytics platform, compared to an all-time high of 1,025k BTC in April 2020. Coinbase’s balance has dropped by about 30k BTC in the last week. Since April 2020, bitcoin outflows from digital asset trading platforms have been increasing. In the last two years, the....
Institutional investors have been quite neutral on both bitcoin and the crypto market at large for a while now. This has translated into a mix of inflows and outflows into various digital assets, alternating with each passing week even through the bear market. However, current net flow records show that these large investors are beginning to find their chosen position in the market and it is in the camp of the bears. Bitcoin Sees Outflows Bitcoin had been recording minor inflows in the last month-and-a-half which had been good for the digital asset despite not having much of an impact.....
“You know what my fucking bank did to me?” Bill Burr, well-known comedian, says in a recent podcast. “I walked in. I had this account in New York, a little checking account. Had a little bit of money in it. All the sudden I notice they’re taking some fees out. That shouldn’t be. I get to New York, talk to the douchebag who works there.” Mr. Burr learns what’s been going on. “Yeah, they’re taking $27 a month out. Here, let me check to see what’s up. Yeah, we shouldn’t be doing this.” So Mr. Burr asks to see how long this has gone on. “Sorry, our records only go back for four months, because....
Data shows Ethereum has recently observed its highest exchange net outflows in around two years, something that can be bullish for the ETH price. Ethereum Exchange Flow Balance Has Seen A Deep Red Spike Recently According to data from the on-chain analytics firm Santiment, investors have been withdrawing ETH from exchanges recently. The indicator of […]
The Bitcoin market has witnessed significant shifts recently, influenced by macroeconomic factors and changing investor sentiments. Last week, digital asset investment products saw substantial outflows, which CoinShares attributed to several key economic updates. These included the release of US CPI data, the Federal Open Market Committee (FOMC) meeting, and Producer Price Index (PPI) figures. These events seemed to spark a rapid surge in Bitcoin price, pushing it briefly towards the $70,000 mark before a swift downturn adjusted the valuation back to around $65,000. Related Reading:....