• Sun. Oct 1st, 2023

Bitcoin Outflows from Coinbase is a Bullish Signal, Says Crypto Quant CEO



Feb 2, 2021

Ever since the beginning of the year 2020, Bitcoin (BTC) had been showing a gradual growth with respect to its price. However, towards the end of the year 2020, the gradual and steady growth surged at an extremely high rate.

Right from the beginning of the year 2020, Bitcoin (BTC) was gaining adoption with respect to investments and holdings. This is the reason why Bitcoin (BTC) remained bullish throughout the year and the start of the year 2021 was no different.

Right from the beginning of the year 2021, Bitcoin (BTC) continued with the trend of hitting all-time highs. It kept gaining on its market capitalization and helped the entire cryptocurrency industry hit the $1 trillion market capitalization milestone.

However, the prices of Bitcoin (BTC) started dwindling from January 10, 2021. It was the 10th of January when Bitcoin (BTC) hit its all-time high of $41k per BTC before plunging down to $30k per BTC. Although BTC managed to rebound from $30k per BTC to $34k per BTC, it is now facing a hard time maintain the figure.

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Since January 10, 2021, Bitcoin (BTC) has been struggling to maintain its price and is fluctuating between $32.5k per BTC and $35k per BTC for the past three weeks.

This is the reason why there are many analysts and trading experts who are starting to lose their confidence in Bitcoin (BTC). At present, the Bitcoin (BTC) industry is surrounded by rumors that Bitcoin is going to go all way down to $20k per BTC.

However, the statistics collected by the on-chain data analyzing firms are telling a whole different story.

Recently, the CEO of CryptoQuant Ki-Young Ju has shared the information that their firm has collected from Coinbase. Ju has stated that the recent Bitcoin transactions flowing out of Coinbase are the very reminder of the proof-of-keys days. These transactions are the very signal that Bitcoin (BTC) will soon be experiencing its bullish nature.

The firm has managed to collect some very interesting stats around the outflows of Bitcoin (BTC) from the Coinbase platform. According to the reports, more than 15,200 BTC have flowed out of the Coinbase platform only on January 31, 2021. This total number of Bitcoin (BTC) withdrawn translates to a total of $515 million.

The CEO of CryptoQuant Ki-Young Ju has informed that the Bitcoin (BTC) withdrawn on January 31st were only transferred into custody wallets. This means that the wallets being used are only used for the sake of ingoing transactions.

The firm also revealed that it was able to identify many addresses and can say that the transactions were made by institutional investors that deal in OTC.


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