Coinbase Pro Sees 13K Bitcoin (BTC) Outflow as Institutions Remain Bullish

According to CryptoQuant, the amount of bitcoin (BTC) transferred from Coinbase Pro has reached a total of 13,390.28 BTC.

Significant outflows from Coinbase came despite the BTC price hovering at around $49,000. It suggests the U.S. institutional investors expect BTC to make a new high after a considerable drop to a low of $47,400 on Feb. 22.

A Bullish Signal?

As CryptoQuant CEO Ki Young Ju noted, all transferred bitcoins went to Coinbase custody wallets. He explains that institutions keep purchasing BTC in anticipation of the next Bitcoin bull run.

Similarly, Coinbase registered total outflows of over 15,200 BTC on Jan. 31.

Source: CryptoQuant

In a relevant Twitter thread, Ju revealed a further split into custody wallets containing between 1,000 and 5,000 BTC. He also said such withdrawals were “likely to be OTC deals from institutional investors.”

Ju is confident the massive BTC outflows are a bullish sign for the flagship cryptocurrency. He states that “if Coinbase moves a significant amount of Bitcoins to other cold wallets, it indicates OTC deals,” or non-exchange transactions. He added:

“Since the price is eventually determined on exchanges, massive non-exchange transaction volume is considered as a bullish signal. These transactions include OTC deals”

BTC Long-Term Trend Remains Unclear

At the time of writing, bitcoin has broken out from a short-term descending resistance line. Currently, it is trading at around $51,000 bouncing back from the 24h low of $48,106.05, according to CoinGecko.

However, while BTC is still fluctuating above the $46,100 support area, technical indicators are not enough to confirm a breakout above $56,000 yet. 

Now, BTC is in wave four of a bullish impulse that began on Jan. 30, following the end of the first part of the correction, which came with the Feb. 22 low. Although Bitcoin’s short-term trend appears bullish, the question is whether the price is actually heading to new heights.

Disclaimer


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Leave a Reply

Your email address will not be published. Required fields are marked *

bitcoin
Bitcoin (BTC) $ 37,974.00 3.24%
ethereum
Ethereum (ETH) $ 2,327.69 4.27%
tether
Tether (USDT) $ 1.00 0.19%
polkadot
Polkadot (DOT) $ 21.93 7.30%
cardano
Cardano (ADA) $ 1.48 2.58%
binance-coin
Binance Coin (BNB) $ 353.38 1.60%
xrp
XRP (XRP) $ 0.839019 1.82%
litecoin
Litecoin (LTC) $ 165.70 3.11%
chainlink
Chainlink (LINK) $ 22.56 6.51%
bitcoin-cash
Bitcoin Cash (BCH) $ 593.38 3.98%
stellar
Stellar (XLM) $ 0.315864 3.54%
usd-coin
USD Coin (USDC) $ 1.00 0.38%
dogecoin
Dogecoin (DOGE) $ 0.304190 2.33%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 37,975.00 3.23%
uniswap
Uniswap (UNI) $ 21.53 4.95%
aave
Aave (AAVE) $ 283.21 5.94%
cosmos
Cosmos (ATOM) $ 13.10 4.84%
monero
Monero (XMR) $ 279.50 0.71%
eos
EOS (EOS) $ 4.84 3.90%
bitcoin-sv
Bitcoin SV (BSV) $ 162.37 1.59%
tron
TRON (TRX) $ 0.073976 2.92%
nem
NEM (XEM) $ 0.160016 5.06%
iota
IOTA (MIOTA) $ 1.06 4.08%
vechain
VeChain (VET) $ 0.104856 4.66%
tezos
Tezos (XTZ) $ 3.24 1.32%
theta-token
Theta Network (THETA) $ 9.55 1.81%
havven
Synthetix Network Token (SNX) $ 8.66 7.01%
avalanche-2
Avalanche (AVAX) $ 14.50 4.48%
neo
NEO (NEO) $ 47.41 4.83%
terra-luna
Terra (LUNA) $ 6.27 1.19%
dash
Dash (DASH) $ 162.87 4.85%
huobi-token
Huobi Token (HT) $ 12.92 4.20%
okb
OKB (OKB) $ 13.15 3.72%
elrond-erd-2
Elrond (EGLD) $ 82.75 4.98%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.113326 2.43%
the-graph
The Graph (GRT) $ 0.655672 6.59%
compound-ether
cETH (CETH) $ 46.58 4.28%
solana
Solana (SOL) $ 38.34 6.06%
maker
Maker (MKR) $ 2,839.97 6.21%
filecoin
Filecoin (FIL) $ 67.42 3.24%
cdai
cDAI (CDAI) $ 0.021559 0.05%
dai
Dai (DAI) $ 1.00 0.20%
ftx-token
FTX Token (FTT) $ 31.91 2.70%
celsius-degree-token
Celsius Network (CEL) $ 6.71 0.07%
sushi
Sushi (SUSHI) $ 8.27 7.44%
kusama
Kusama (KSM) $ 332.59 9.74%
compound-governance-token
Compound (COMP) $ 301.17 5.05%
zcash
Zcash (ZEC) $ 139.80 2.49%
ethereum-classic
Ethereum Classic (ETC) $ 54.12 3.86%
decred
Decred (DCR) $ 127.41 4.48%
binance-usd
Binance USD (BUSD) $ 1.00 0.41%
compound-usd-coin
cUSDC (CUSDC) $ 0.022117 0.05%
zilliqa
Zilliqa (ZIL) $ 0.102468 4.34%
uma
UMA (UMA) $ 11.55 5.23%
yearn-finance
yearn.finance (YFI) $ 35,879.00 3.60%
leo-token
LEO Token (LEO) $ 2.59 1.40%
pancakeswap-token
PancakeSwap (CAKE) $ 16.28 2.39%
waves
Waves (WAVES) $ 17.27 6.31%
near
Near (NEAR) $ 3.28 4.57%
amp-token
Amp (AMP) $ 0.089509 18.77%
0x
0x (ZRX) $ 0.863705 3.52%
huobi-btc
Huobi BTC (HBTC) $ 37,968.00 3.05%
algorand
Algorand (ALGO) $ 1.02 4.13%
digibyte
DigiByte (DGB) $ 0.052022 7.14%
icon
ICON (ICX) $ 1.02 6.37%
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.218163 6.42%
nexo
NEXO (NEXO) $ 1.80 3.06%
xsushi
xSUSHI (XSUSHI) $ 9.58 7.71%
ethos
Voyager Token (VGX) $ 2.40 1.79%
loopring
Loopring (LRC) $ 0.281071 4.86%
thorchain
THORChain (RUNE) $ 8.63 11.39%
ontology
Ontology (ONT) $ 0.885046 5.25%
renbtc
renBTC (RENBTC) $ 37,930.00 3.33%
nano
Nano (NANO) $ 5.94 5.21%
basic-attention-token
Basic Attention Token (BAT) $ 0.636290 6.75%
omisego
OMG Network (OMG) $ 4.99 5.18%
republic-protocol
REN (REN) $ 0.424262 3.36%
zencash
Horizen (ZEN) $ 83.24 5.11%
bittorrent-2
BitTorrent (BTT) $ 0.003259 3.77%
swissborg
SwissBorg (CHSB) $ 0.648690 4.53%
ravencoin
Ravencoin (RVN) $ 0.069988 4.25%
iostoken
IOST (IOST) $ 0.026679 2.36%
qtum
Qtum (QTUM) $ 8.46 4.29%
paxos-standard
Paxos Standard (PAX) $ 1.00 0.27%
venus
Venus (XVS) $ 28.09 13.78%
blockstack
Stacks (STX) $ 0.868454 5.43%
matic-network
Polygon (MATIC) $ 1.44 7.20%
curve-dao-token
Curve DAO Token (CRV) $ 2.12 0.36%
siacoin
Siacoin (SC) $ 0.015571 1.12%
quant-network
Quant (QNT) $ 69.63 13.13%
bancor
Bancor Network Token (BNT) $ 3.71 4.62%
reserve-rights-token
Reserve Rights Token (RSR) $ 0.030011 4.14%
fantom
Fantom (FTM) $ 0.326025 6.03%
mdex
Mdex (MDX) $ 2.07 2.57%
enjincoin
Enjin Coin (ENJ) $ 1.33 8.06%
energy-web-token
Energy Web Token (EWT) $ 7.24 5.04%
lisk
Lisk (LSK) $ 2.71 6.96%
ampleforth
Ampleforth (AMPL) $ 0.891173 6.81%
balancer
Balancer (BAL) $ 21.77 4.97%
terrausd
TerraUSD (UST) $ 1.00 0.17%
ocean-protocol
Ocean Protocol (OCEAN) $ 0.527733 8.37%
husd
HUSD (HUSD) $ 1.00 0.16%
nxm
Nexus Mutual (NXM) $ 89.37 4.34%
1inch
1inch (1INCH) $ 3.26 9.24%
bitcoin-gold
Bitcoin Gold (BTG) $ 56.72 6.09%
kyber-network
Kyber Network Crystal Legacy (KNCL) $ 1.86 6.35%
verge
Verge (XVG) $ 0.027018 4.74%
decentraland
Decentraland (MANA) $ 0.669203 5.84%
alpha-finance
Alpha Finance (ALPHA) $ 0.579346 5.58%
flow
Flow (FLOW) $ 11.25 7.52%
band-protocol
Band Protocol (BAND) $ 6.76 4.16%
status
Status (SNT) $ 0.068813 4.94%
dodo
DODO (DODO) $ 1.31 4.13%
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 24.46 3.57%
compound-usdt
cUSDT (CUSDT) $ 0.021246 0.20%
xdce-crowd-sale
XDC Network (XDC) $ 0.072085 10.70%
staked-ether
Lido Staked Ether (STETH) $ 2,326.55 4.09%
arweave
Arweave (AR) $ 16.78 6.08%
polymath-network
Polymath Network (POLY) $ 0.206958 0.70%
safepal
SafePal (SFP) $ 1.04 7.11%
true-usd
TrueUSD (TUSD) $ 1.00 0.28%
zkswap
ZKSwap (ZKS) $ 0.824311 9.05%
polkastarter
Polkastarter (POLS) $ 1.28 5.75%
ethlend
Aave [OLD] (LEND) $ 2.83 4.68%
helium
Helium (HNT) $ 13.70 0.19%
civic
Civic (CVC) $ 0.243149 5.38%
pundi-x
Pundi X [OLD] (NPXS) $ 0.002276 47.48%
kava
Kava.io (KAVA) $ 3.98 4.64%
golem
Golem (GLM) $ 0.266508 11.16%
harmony
Harmony (ONE) $ 0.077944 3.95%
nucypher
NuCypher (NU) $ 0.311988 8.31%
holotoken
Holo (HOT) $ 0.007495 4.67%
nusd
sUSD (SUSD) $ 1.01 0.26%
electroneum
Electroneum (ETN) $ 0.007018 6.50%
nervos-network
Nervos Network (CKB) $ 0.017130 4.97%
derivadao
DerivaDAO (DDX) $ 2.52 2.51%
district0x
district0x (DNT) $ 0.130114 5.19%
bitcoin-diamond
Bitcoin Diamond (BCD) $ 2.56 8.21%
trust-wallet-token
Trust Wallet Token (TWT) $ 0.343163 6.42%
rif-token
RSK Infrastructure Framework (RIF) $ 0.167882 4.85%
swipe
Swipe (SXP) $ 2.13 7.45%
gnosis
Gnosis (GNO) $ 168.92 4.41%
numeraire
Numeraire (NMR) $ 39.23 3.07%
rook
KeeperDAO (ROOK) $ 151.19 16.05%
kucoin-shares
KuCoin Token (KCS) $ 8.70 3.50%
btc-standard-hashrate-token
BTC Standard Hashrate Token (BTCST) $ 28.21 6.18%
aragon
Aragon (ANT) $ 4.45 7.87%
fetch-ai
Fetch.ai (FET) $ 0.288325 4.27%
litentry
Litentry (LIT) $ 3.35 4.07%
funfair
FUNToken (FUN) $ 0.020082 2.95%
chiliz
Chiliz (CHZ) $ 0.310871 5.98%
seth
sETH (SETH) $ 2,340.46 4.38%
oasis-network
Oasis Network (ROSE) $ 0.069372 5.59%
injective-protocol
Injective Protocol (INJ) $ 8.08 4.68%
vethor-token
VeThor Token (VTHO) $ 0.007638 4.43%
saffron-finance
saffron.finance (SFI) $ 415.73 9.69%
augur
Augur (REP) $ 17.59 6.48%
the-sandbox
The Sandbox (SAND) $ 0.264625 5.12%
singularitynet
SingularityNET (AGIX) $ 0.193257 6.67%
secret
Secret (SCRT) $ 1.48 4.52%
telcoin
Telcoin (TEL) $ 0.029848 6.31%
serum
Serum (SRM) $ 3.97 5.92%
gatechain-token
GateToken (GT) $ 3.81 3.64%
mainframe
Hifi Finance (MFT) $ 0.008659 3.13%
sbtc
sBTC (SBTC) $ 38,135.00 3.04%
compound-uniswap
cUNI (CUNI) $ 0.434150 5.15%
ardor
Ardor (ARDR) $ 0.162162 3.27%
vai
Vai (VAI) $ 0.900192 1.03%
utrust
UTRUST (UTK) $ 0.284907 4.99%
prometeus
Prometeus (PROM) $ 14.49 2.80%
reddcoin
Reddcoin (RDD) $ 0.002379 4.20%
monacoin
MonaCoin (MONA) $ 1.86 1.56%
noia-network
Syntropy (NOIA) $ 0.210588 3.05%
compound-0x
c0x (CZRX) $ 0.017787 3.00%
wink
WINkLink (WIN) $ 0.000528 13.80%
ankr
Ankr (ANKR) $ 0.078129 4.23%
bytom
Bytom (BTM) $ 0.078467 2.51%
rocket-pool
Rocket Pool (RPL) $ 10.55 0.71%
origintrail
OriginTrail (TRAC) $ 0.305734 2.54%
steem
Steem (STEEM) $ 0.390111 6.90%
maidsafecoin
MaidSafeCoin (MAID) $ 0.729817 3.24%
tomochain
TomoChain (TOMO) $ 1.82 3.06%
edgeware
Edgeware (EDG) $ 0.008227 15.24%
skale
SKALE (SKL) $ 0.296559 1.83%
stratis
Stratis (STRAX) $ 1.24 3.09%
hegic
Hegic (HEGIC) $ 0.102442 7.62%
komodo
Komodo (KMD) $ 0.919617 13.20%
bitshares
BitShares (BTS) $ 0.051915 1.49%
unibright
Unibright (UBT) $ 1.24 1.11%
coinmetro
CoinMetro (XCM) $ 0.300026 12.16%
ark
Ark (ARK) $ 1.05 5.55%
mirror-protocol
Mirror Protocol (MIR) $ 5.91 33.04%
keep-network
Keep Network (KEEP) $ 0.547366 14.69%
neutrino
Neutrino USD (USDN) $ 1.00 0.55%
iexec-rlc
iExec RLC (RLC) $ 3.48 9.91%
harvest-finance
Harvest Finance (FARM) $ 53.48 6.06%
iotex
IoTeX (IOTX) $ 0.021993 2.37%
badger-dao
Badger DAO (BADGER) $ 12.63 5.63%
redfox-labs-2
RedFOX Labs (RFOX) $ 0.081164 7.99%
empty-set-dollar
Empty Set Dollar (ESD) $ 0.050736 11.64%
ultra
Ultra (UOS) $ 0.497179 2.14%
wanchain
Wanchain (WAN) $ 0.713580 4.87%
iris-network
IRISnet (IRIS) $ 0.083668 5.70%
perpetual-protocol
Perpetual Protocol (PERP) $ 7.27 3.02%
trustswap
Trustswap (SWAP) $ 0.996138 3.55%
tokenlon
Tokenlon (LON) $ 3.45 6.56%
orion-protocol
Orion Protocol (ORN) $ 7.92 8.17%
titanswap
TitanSwap (TITAN) $ 4.00 3.06%
tether-gold
Tether Gold (XAUT) $ 1,793.16 0.25%
wax
WAX (WAXP) $ 0.133807 0.45%
yfii-finance
DFI.money (YFII) $ 1,806.13 6.94%
aelf
aelf (ELF) $ 0.200842 4.21%
haven
Haven (XHV) $ 10.96 5.72%
pax-gold
PAX Gold (PAXG) $ 1,813.28 0.47%
defipulse-index
DeFiPulse Index (DPI) $ 294.83 6.00%
math
MATH (MATH) $ 1.39 0.66%
api3
API3 (API3) $ 2.84 3.64%
sora
Sora (XOR) $ 277.99 2.93%
dent
Dent (DENT) $ 0.003250 5.62%
loom-network
Loom Network (OLD) (LOOMOLD) $ 0.058710 5.47%
nftx
NFTX (NFTX) $ 48.68 12.18%
gala
Gala (GALA) $ 0.009256 0.80%
axie-infinity
Axie Infinity (AXS) $ 4.76 4.73%
beefy-finance
Beefy.Finance (BIFI) $ 1,741.01 6.43%
swingby
Swingby (SWINGBY) $ 0.092648 2.02%
parsiq
PARSIQ (PRQ) $ 0.799491 3.76%
akropolis
Akropolis (AKRO) $ 0.022765 7.18%
nest
Nest Protocol (NEST) $ 0.013098 5.10%
stakehound-staked-ether
StakeHound Staked Ether (STETH) $ 3,719.75 0.00%
akash-network
Akash Network (AKT) $ 3.06 1.30%
cream-2
Cream (CREAM) $ 156.95 3.52%
auto
Auto (AUTO) $ 1,341.93 1.43%
storj
Storj (STORJ) $ 0.860311 6.21%
e-radix
e-Radix (EXRD) $ 0.164219 12.31%
hive
Hive (HIVE) $ 0.326080 6.04%
chainx
ChainX (PCX) $ 6.01 2.51%
wrapped-nxm
Wrapped NXM (WNXM) $ 59.79 3.78%
hathor
Hathor (HTR) $ 0.426125 3.88%
gemini-dollar
Gemini Dollar (GUSD) $ 1.00 0.21%
frontier-token
Frontier (FRONT) $ 0.763765 4.97%
everid
Everest (ID) $ 0.401755 0.48%
lto-network
LTO Network (LTO) $ 0.221764 6.27%
power-ledger
Power Ledger (POWR) $ 0.184776 6.72%
livepeer
Livepeer (LPT) $ 24.80 3.12%
xdai-stake
xDAI Stake (STAKE) $ 11.42 5.47%
rari-governance-token
Rari Governance Token (RGT) $ 5.65 3.33%
cashaa
Cashaa (CAS) $ 0.028327 1.71%
energi
Energi (NRG) $ 1.95 11.88%
bytecoin
Bytecoin (BCN) $ 0.000445 3.43%
duckdaodime
DuckDaoDime (DDIM) $ 13.77 3.92%