- Significant Bitcoin Withdrawals from Coinbase by Whales Over the Weekend Suggest Bullish Sentiment
- Coinbase's Bitcoin Order Book Hits Lowest Level Since 2015
- Speculations Surround Whales' Withdrawals: Price Increase Expectation vs. Internal Restructuring
- Bitcoin's Price Consolidates Near $51,000; Analysts Monitor $52,515 Breakout for Further Upside
- Potential Downside Risk: Break Below $51,700 Might Trigger Decline to $50,000 or Below

The cryptocurrency market is currently witnessing a significant bullish surge, with Bitcoin taking the lead in experiencing substantial momentum.
Reports reveal a massive move by whales targeting Coinbase, resulting in a staggering withdrawal of $1 billion over the weekend.
This notable action by whales underscores their strong confidence in Bitcoin's prospects, hinting at a potential upward trajectory beyond its current price level.
Analyzing the Whales' Exodus from Coinbase
According to recent data from CryptoQuant, Coinbase's public order book now holds a mere 394,000 BTC, approximately valued at $20.5 billion based on current market prices. This figure represents the lowest Bitcoin inventory on the exchange since 2015, indicating a substantial reduction in available supply.
Whales orchestrated the movement of around 18,000 BTC, equivalent to $1 billion, through multiple transactions, ranging from $45 million to $171 million per transaction.
Understanding Whales' Bitcoin Movement
The significant withdrawal of BTC from Coinbase to self-custody wallets or alternative platforms is widely interpreted as a bullish indicator. It suggests that whales anticipate further price appreciation and are securing their holdings before an anticipated rally.
Some analysts speculate that these withdrawals may be linked to the impending Bitcoin halving, often regarded as the precursor to a new bull market. However, others argue that the movement could be internal wallet reorganizations by Coinbase, aimed at diversifying holdings.
Analyzing Bitcoin's Price Implications
Bitcoin recently surpassed the $50,000 mark, reaching as high as $52,816 on February 15. However, the cryptocurrency is currently consolidating around this level, prompting speculation about its next move.
Technical analysis indicates that a break above the $52,515 resistance level could propel Bitcoin to further highs. Conversely, sustained trading below the $51,700 support may lead to a downward continuation towards the $50,000 support level, influenced by the strength of market bulls.
Disclaimer: While we strive to provide accurate and timely information, Voice of Crypto does not assume responsibility for any missing facts or inaccuracies. Given the volatile nature of cryptocurrencies, we encourage investors to conduct thorough research and make informed financial decisions.
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1. Investors' anticipation of a Bitcoin bull market driven by ETFs is challenged by IntoTheBlock's analysis.
2. High Bitcoin inflows to Centralized Exchanges (CEXes) usually signify selling activity, contrary to investor expectations.
3. Despite a dip in Bitcoin's price, the average holding time reached a record high in December, indicating long-term investors selling.
4. In January, large holders increased their Bitcoin holdings, while smaller ones reduced theirs, possibly due to fear or uncertainty.
5. The market presents conflicting signals, with CEX inflows hinting at a potential dip, while whale activity suggests a possible upcoming bull run.

Investor expectations in the cryptocurrency market have followed a predictable trajectory, particularly with the anticipation surrounding ETF applications. The common narrative involved SEC approval in January, leading to a robust price rally until April, coinciding with the next Bitcoin halving. However, the volatile nature of the crypto market often deviates from such projections.
IntoTheBlock challenges the prevailing notion of an ongoing Bitcoin bull market, suggesting it might not have even commenced. Their analysis points to intriguing observations, such as the consistent inflow of Bitcoin to Centralized Exchanges (CEX) over six consecutive weeks, totaling nearly $2 billion in net deposits since December.
This influx contradicts the bullish sentiment, as one would expect a surge in Bitcoin's price if everyone were holding onto their assets. Surprisingly, the past week saw a 10% decline in Bitcoin's value, prompting IntoTheBlock to question, "Who is selling?"
Another puzzling aspect is the extended average holding time of transacted Bitcoin, reaching a record high of 4.7 years in December. This suggests that long-term holders, typically associated with HODLing, were selling and cashing in profits during a period of market strength. IntoTheBlock speculates that these sales might be linked to outflows from Grayscale's Bitcoin ETF.
In addition, the analysis highlights a notable increase in whale holdings (addresses with over 1,000 BTC) by 8% in January 2024, contrasting with smaller holders reducing their positions. This shift in ownership dynamics raises questions about whether fear, uncertainty, or doubt drove smaller investors to sell.
The presented facts create a complex narrative, challenging the notion of an ongoing bull market. While increased whale activity suggests buying pressure, other indicators, such as CEX inflows and the behavior of short-term holders, deviate from patterns seen in previous bull markets.
IntoTheBlock cautions against prematurely declaring a bull run, emphasizing the absence of similarities with historical market peaks in 2013 and 2017. The cautionary note suggests that the market might still be in a transitional stage, searching for a clear direction. As always, investors are reminded of the inherent volatility of cryptocurrencies, and decisions should be based on thorough research and individual financial considerations. The provided information is intended for informational purposes, and readers are encouraged to verify facts independently.
#Bitcoin #BTC #Bullrun #Crypto2024 #cryptocurrency
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