Bitcoin’s Relationship with Coinbase: More than $1 Billion in BTC Transferred and Beyond

  • Exciting News: Over 15,000 BTC Outflows from Coinbase in Seven Batches
  • BTC Sets New Record for Netflows Since December 2023

Guess what? A recent analysis uncovered a fascinating trend of Bitcoin outflows from a specific exchange that has been ongoing for several months. This trend coincided with Bitcoin experiencing record netflows, aligning perfectly with the digital asset’s hike to $66,000 on the price charts. How intriguing!

Bitcoin’s Noteworthy Exchange Outflow Trend

A recent report from CryptoQuant disclosed a massive outflow of 16,021 Bitcoin from Coinbase on 15 May. Dive deeper into the data, and you’ll notice a consistent pattern emerging since February. Would you believe it? Seven outflows exceeding 15,000 BTC have occurred, painting a clear picture of a noticeable pattern on the exchange.

The latest outflow alone surpassed $1 billion, coinciding with Bitcoin’s price soaring above $66,000 on 16 May. The outflow event occurred amidst a significant spike in overall trading volumes. Quite a spectacle, isn’t it?

Bitcoin’s Unprecedented Netflow Figures

An in-depth assessment of Bitcoin’s outflow data from CryptoQuant indicated a substantial surge in outflows on 15 May, reaching its highest level in weeks. The outflow volume totaled over 55,217 BTC, equivalent to a jaw-dropping $3.6 billion. Such levels hadn’t been witnessed since 28 March, a period when Bitcoin’s price danced around $70,000.

Moreover, Bitcoin experienced its highest netflow in months on 15 May, according to the exchange netflow chart. The netflow amount surpassed -23,359 BTC, signifying that significant outflows outpaced inflows across all exchanges. Such negative netflow figures hadn’t graced us since December 2023. At present, outflows continue to dominate exchange flows, illustrating the ongoing movement of BTC away from exchanges.

Bitcoin Netflow

Source: CryptoQuant

Bitcoin Back in the $66,000 Price Zone

Can you believe it? Bitcoin’s price impressively surged by 7.65% on 15 May, rocketing to $66,244 at the latest update. This marks a triumphant return to the price category unseen since its descent below this level back in mid-April.

Bitcoin price trendBitcoin price trend

Source: TradingView

– Check out the latest Bitcoin (BTC) Price Prediction for 2024-25

Exciting news: The recent price surge has propelled Bitcoin’s Relative Strength Index (RSI) above the neutral zone. Analysis shows that the RSI is now trending above 50 after weeks below this threshold, indicating positive prospects for Bitcoin’s bulls. How thrilling!

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