Over the last week, more than 35,000 bitcoins have been withdrawn from the cryptocurrency exchange Coinbase. This is about coins worth more than 2 billion dollars. Most of the BTC belongs to funds.
Author's comment:
Recently, Coinbase experienced a significant outflow of Bitcoin, with reports indicating that approximately 35,107 bitcoins, valued at around $1.8 billion to $2.3 billion, were withdrawn from the exchange. This movement marks the highest single-week outflow since 2017 and has reduced the number of bitcoins held on the Nasdaq-listed exchange to a four-year low of 649,500 BTC. The total Bitcoin balance across all centralized exchanges has also dropped to its lowest number since November 2018, indicating a trend of decreasing sell-side liquidity on exchanges. This could suggest a potential for a sharp upward price movement, especially since the withdrawn bitcoins were moved to largely inactive wallets, indicating they might not be sold soon. These developments are being interpreted as signs of persistent institutional adoption and a bullish sentiment among larger investors towards Bitcoin as a macro asset.