Bitcoin bulls are anticipating another price uptick following outflows from cryptocurrency exchanges to other custodians. This shows an upward market trend as several investors look to consolidate on accumulated gains in recent months.
New market data from on-chain analytics firm CryptoQuant shows huge outflows from digital asset exchange Coinbase this week opening up new projections from crypto users across social media spaces. The first transaction shows 16,800 BTC out of the exchange while the second totaled 17,000 BTC.
Outflows Show Bitcoin Price Momentum
According to analysts Burakkesmeci, the exits could represent an institutional purchase or could be directed at spot Bitcoin ETFs. Either way, several crypto users have hinted at the bullish sequence in the Bitcoin market.
“We have witnessed the second biggest Bitcoin outflow from Coinbase. In a week, there were two different huge outflows. The first one is about 16.8k and the second one 17k. We can simply think that the
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