Bitcoin Bulls Fire Up as Coinbase Records Second-Biggest Weekly Breakout
Bitcoin bulls are expecting a new price increase following outflows from cryptocurrency exchanges to other custodians. This represents a bullish trend as many investors look to consolidate gains accumulated in recent months.
New market data from on-chain analytics firm CryptoQuant This week shows big outflows from digital asset exchange Coinbase and offers new insights to crypto users in social media spaces. While 16,800 BTC left the exchange in the first transaction, the total of the second was 17,000 BTC.
Outflows Show Bitcoin Price Momentum
According to analyst Burakkesmeci, outflows may mean a corporate purchase or be directed to the point Bitcoin ETFs. Either way, many crypto users have hinted at a bullish trend in the Bitcoin market.
“We witnessed the second largest Bitcoin exit from Coinbase. There were two different big exits within a week. The first is around 16.8 thousand, and the second is around 17 thousand. “We can consider these to be related to institutional buying or spot ETFs.”
Traditionally, when assets leave a centralized crypto exchange, there is an upward trend as these coins cannot be sold easily, while on the other hand, the flow of assets to exchanges indicates that the asset will be sold soon, and this occurs after certain periods of price increases. snow.
The surge in Bitcoin and other crypto assets has caused investors and traders to take new positions, sending the coin to highs not recorded in years. Bitcoin rose above $70,000 before making a slight correction amid a similar rally in the altcoins and memecoin market.
Halving the Spark More Movement
Many market observers note increased activity due to the upcoming halving, which will reduce the reward for mining the asset. Although it is seen as bullish activity, in the weeks leading up to the halving it appears that some miners are hedging to reposition some assets. Miners are especially looking to increase production capacity and seek new equipment.
In a related development, USDC flows of $1.4 billion coinbase He noted the buying pressure because stablecoins can be used to purchase other cryptocurrency assets.
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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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