CryptoSignals News
Join our Telegram

Bitcoin Bulls Rally as Coinbase Logs Second Largest Weekly Outflow

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more

Bitcoin Bulls Rally as Coinbase Logs Second Largest Weekly Outflow

Bitcoin bulls’ actions prompt responses as recent movements suggest a commitment to hodling amid price increases.

Bitcoin bulls foresee another price surge as funds flow out from cryptocurrency exchanges to other custodians, indicating an upward market trend as numerous investors seek to capitalize on accumulated gains in recent months.

Fresh market data from on-chain analytics firm CryptoQuant reveals significant outflows from digital asset exchange Coinbase this week, sparking discussions and new projections among crypto enthusiasts across social media platforms.

The initial transaction recorded 16,800 BTC exiting the exchange, followed by a second transaction totaling 17,000 BTC.

Bitcoin Price Gains Momentum as Outflows Continue
Analysts Burakkesmeci suggest the outflows may signal institutional purchases or could be earmarked for spot Bitcoin ETFs. Regardless, many crypto users hint at a bullish trend in the Bitcoin market.

Traditionally, when assets depart from a centralized crypto exchange, it indicates a bullish sentiment as those coins are less likely to be immediately sold.

Conversely, the influx of assets to exchanges signals an impending sale of the asset, typically occurring after periods of price increases to realize profits.
Bitcoin Bulls Rally as Coinbase Logs Second Largest Weekly Outflow
The surge in Bitcoin and other crypto assets has prompted investors and traders to take new positions, propelling coins to highs not seen in years.

Bitcoin surged above $70,000 before experiencing a minor correction, mirroring a similar rise in altcoins and the memecoin market.

Halving Spurs Further Movement
Numerous market observers attribute the increased activity to the imminent halving, which will reduce the reward for mining the asset.

While generally viewed as a bullish development, the weeks preceding the halving witness some miners hedging their assets to adjust their positions. Particularly, miners aim to enhance production capacity and scramble for new hardware.

In a related development, reports indicate a flow of $1.4 billion worth of USDC to Coinbase, suggesting buying pressure as stablecoins can be utilized to acquire other cryptocurrency assets.

In order to place winning trades with us via Bybit, You can open an account here.

Recent News

June 02, 2022

Uniswap (UNI/USD) Market Remains to Hover Around $5.50

UniswapPrice Prediction – June 2There have been less-active trading moments ongoing in the UNI/USD business deals that have caused the crypto-economic market remains to hover around the $5.50 line. The situation remains not far from witnessing a change as price trades around the same value line at ...
Read More

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

arrow Join our free telegram