Ondanks daling tot $ 47k, Coinbase observeert 31k Bitcoin-uitstroom. Bull-rally gaat nog steeds door?

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

Zoals opgemerkt door een CryptoQuant-bericht, 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.

Daarom, outflows are generally good signs for the cryptocurrency’s price as they may imply that there is a buying pressure in the market.

Nu, here is the chart for Coinbase Pro Bitcoin outflows over the past few months:

Bitcoin Outflows

Coinbase Pro outflows show a huge spike | Bron: 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.

Gerelateerd lezen | 4 Redenen waarom Bitcoin bullish blijft, Wat zou nieuwe ATH's kunnen opleveren?

Big outflows are generally associated with an increase in the price shortly after. A look at the Coinbase Pro outflow history supports the trend; vanaf maart 2020 verder, similar values of the indicator became frequent as the bull run marched on.

Bitcoin-prijs

Op het moment van schrijven, BTC’s price floats around $48.5k, naar beneden 0.16% als laatste 24 uren. Hoewel, over the last week the cryptocurrency is still green as its value is about 6.8% omhoog.

Vroeger 30 dagen, Bitcoin has accumulated 26.4% in gains. The below chart showcases the trends in the price of the coin over the last three months:

Bitcoin-prijsgrafiek

BTC's price sharply falls down after touching the $50k price level | Bron: BTCUSD op TradingView

After weeks of climbing upwards, BTC was finally able to break $50k a couple of days ago for the first time since May. Echter, the coin couldn’t sustain at the level and was rejected downwards.

Gerelateerd lezen | Will 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. Echter, 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. Hoewel, 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.

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Bron: Newsbtc

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