Massive Bitcoin (BTC) outflows on Coinbase continue as price approaches $ 30,000 – Coingape

Bitcoin (BTC) continues to hit new highs, hitting a new high above $ 29,600. Bitcoin investor activity has clearly indicated a strong bull run ahead. The recent price spike to $ 30,000 comes against the backdrop of massive purchases on Coinbase over the past 48 hours.

There have been massive Bitcoin outflows recorded on the Coinbase Pro exchange over the past two days. CryptoQuant CEO Ki-Young Ju notes that over 12,000 BTC have left Coinbase to several cold wallets for safekeeping, which could be facilitated by large OTC transactions.

12,063 $ BTC just flowed from #Coinbase. He went to several cold wallets. Maybe OTC offers.

Breaking 30k will be difficult, but institutions don’t care. They just buy it more.

Graphic 👉 https://t.co/fd0bnffmxI https://t.co/nxXkiZfIkJ pic.twitter.com/sRJPJAC5g9

– Ki Young Ju 주기영 (@ki_young_ju) January 1, 2021

These OTC transactions are usually conducted by institutions that buy in large quantities. While it is difficult to predict OTC transaction volumes, some of the solid on-chain indicators are useful in predicting OTC transactions. Here is an interesting thread Analyst who explains how to spot OTC trades based on certain parameters such as cash flow to trade ratio and trade volumes from other non-trade portfolios.

On the flip side, people have deposited huge stablecoins on exchanges. Stablecoin deposits suggest a bullish signal, as this is equivalent to cash deposits in crypto buying exchanges.

#Bitcoin #BTC #XBT
People deposit #stablecoins to exchanges.#stablecoins the number of addresses and the number of transmissions occur.

Data by @cryptoquant_com pic.twitter.com/6QR9o7LrGg

– jo (@jobtcfx) January 1, 2021

If we look at the weekly Bitcoin chart below, any decline after the rally has resulted in a sharp increase in trading volumes. Analyst Joseph Young notes that Coinbase users recently bought heavily from the lows. Highlighting the recent surge in BTC prices between $ 27,800 -> $ 29,350, Young adds: “Don’t bet against Coinbase $ BTC dip buyers. These guys are the same guys who saved Bitcoin when it fell to $ 16k in November ”.

However, Joseph Young states that Bitcoin may face strong resistance at $ 30,000 just before breaking above $ 20,000. At $ 30,000, huge sell orders are growing on Binance and Bitfinex. he said:

“I expect Bitcoin to react to $ 30,000 the same way it did when it first approached $ 20,000. I really don’t think it will break on the first try. There are big * FAT * sell walls on Binance and Bitfinex. Yet some investors, perhaps very clear-cut investors, clearly don’t care.