$1.2 Billion Leaves the Platform
Large Bitcoin Withdrawal from Coinbase
Bitcoin has experienced its second significant outflow from Coinbase in just a week, with approximately $1.2 billion worth of BTC leaving the platform.
Exchange Outflow Indicator
The “exchange outflow” indicator measures the amount of Bitcoin being transferred out of centralized exchanges. A high value indicates large withdrawals, often a sign of long-term accumulation.
Coinbase Outflow Surge
Over the past week, Coinbase has witnessed a spike in exchange outflow. A total of 17,000 BTC, valued at $1.17 billion, has been withdrawn. This follows a similar outflow of 16,800 BTC just a few days earlier.
Institutional Buying
Coinbase is popular among US-based institutional investors. The recent outflows may indicate buying activity from these large traders.
Potential Bullish Impact
Institutional buying can positively impact Bitcoin’s price. If the outflows reflect buying pressure, they could be bullish for the asset.
Bitcoin Price Dip
Despite the outflow, Bitcoin’s price has declined slightly, currently trading around $68,500.
