Source: Blockchain Knight
Data shows that BTC has flowed out of Coinbase twice in a week, with nearly $1.2 billion in BTC leaving the platform.
As one analyst explained in a CryptoQuant Quicktake post, Crypto asset exchange Coinbase just had 17,000 BTC exit.
A related on-chain metric is “Exchange Outflows,” which measures the total amount of BTC transferred out of a wallet on a centralized exchange.
When this metric is high, it means that investors are withdrawing a large amount of money from the platform.
Generally speaking, when holders plan to hold for the long term, they will take BTC out for self-custody, so this trend may be a sign that long-term accumulation is happening in the market.
On the other hand, the low level of this metric suggests that there are not many holders currently transferring assets out of these centralized entities.
Depending on the trend of the opposite metric, that is, the exchange inflows, this trend may have a neutral or bearish impact on the price of Crypto assets.
The chart below shows the trend of BTC exchange outflows over the past week, specifically from Coinbase Advanced:
As shown in the chart above, Coinbase has seen a surge in BTC exchange outflows over the past day.
With this massive withdrawal, a total of 17,000 BTC has flowed out of the platform. At the current asset exchange rate, this pile of assets is worth a whopping $1.17 billion.
It is also clear from the chart that this indicator had seen a similar-sized spike just a few days ago. Specifically, in the first withdrawal event, 16,800 BTC flowed out of Coinbase.
This means that there may have been two major buying actions on the exchange in the past week.
Coinbase is known to be the preferred platform for institutional entities in the United States, so it is possible that these potential buys came from these large traders.
Ever since the BTC ETF was approved at the beginning of the year, BTC's price action seems to be influenced by the movements of institutional investors.
Given this fact, if these outflows reflect the existence of buying pressure in the market, it will naturally be bullish for the price of the asset.
At the same time as the Crypto asset just saw a huge outflow of funds, its price has also been sliding, and has now fallen to $68,500.
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