Amidst a market-wide correction, Coinbase experienced its second-largest Bitcoin outflow this week, with two massive withdrawals of 16,800 BTC and 17,000 BTC, respectively.
Typically, when assets depart from centralized crypto exchanges like Coinbase, it indicates a bullish sentiment as it restricts the immediate selling pressure on those coins. Inflows to crypto exchanges, on the other hand, signal an impending sale, particularly following periods of significant price appreciation in a bid to secure profits.
Various factors could explain the latest string of outflows as flagged by CryptoQuant, including massive institutional interest catalyzed by the introduction of spot Bitcoin ETFs.
Institutional investors frequently acquire large quantities of Bitcoin from exchanges before transferring them to secure wallets.
“We have witnessed the second biggest Bitcoin outflow from Coinbase. In a week there were 2 different two huge outflows. The first one is about 16,8K and the second one 17K.
We współpracy z: https://cryptopotato.com/coinbase-sees-second-largest-bitcoin-outflow-amid-market-correction/
