Bitcoin flows into Coinbase as it registers new ATH
Bitcoin has hit yet another all-time high going past $30k and amid this raging market activity, the community witnessed great sums of Bitcoin [BTC] being transferred from top exchanges like Bitstamp to Coinbase.
An advanced crypto tracker on Twitter, Whale Alert has highlighted many such transfers from prominent exchanges and wallets ending up in Coinbase. This trend has continued for the past couple of days.
— Whale Alert (@whale_alert) January 1, 2021
— Whale Alert (@whale_alert) January 2, 2021
On 2 January, over 2000 BTC have been moved from various exchanges into Coinbase. While many believed the movement was done for a better arbitrage opportunity, some believed that the traders were preparing to cash out.
Twitter user @DragonMasterXTZ stated:
Somebody is gonna cash out. https://t.co/f2zLfPoV7y
— DragonMaster (@DragonMasterXTZ) January 2, 2021
These major inflows were not the only staggering part of this bull market. There were even strong outflows of BTC from Coinbase. The CEO of CryptoQuant, Ki-Young Ju on 1 January pointed at the 12,063 BTC was flowing out of Coinbase. The CEO claimed that this large sum has been distributed in multiple cold wallets which could suggest possible OTC deals.
Breaking 30k is going to be tough, but institutions don’t care. They just buy it more.
— Ki Young Ju 주기영 (@ki_young_ju) January 1, 2021
This rise in outflows was not this visible even when BTC’s price surpassed $23k. Currently, the token transfer has decreased and the fund flow ratio for all exchanges was also on the rise, noted the CEO.
Although $30k was not an easy target, Ju noted that institutions may continue to buy more Bitcoin.
This added momentum was also signaled with exchanges seeing increased stablecoin deposits.
Bitcoin has been flirting with the $30k level and considering the trader’s behavior, it might be able to reach this ATH quite soon.