Despite Drop To $47k, Coinbase Observes 31k Bitcoin Outflow. Bull Rally Still On?

On-chain data shows despite the Bitcoin drop to $47k, Coinbase saw outflows of around 31k BTC, a sign that the market could still be bullish. Outflows Of 31k BTC On Crypto Exchange Coinbase As pointed out by a CryptoQuant post, the popular crypto exchange Coinbase has observed huge Bitcoin outflows today. As is apparent from the name, the “outflows” indicator shows the amount of BTC transferred from an exchange to personal wallets. A huge spike in the metric’s value means big investors are moving their Bitcoin out of exchanges either to hodl or for selling through OTC deals. Therefore, outflows are generally good signs for the cryptocurrency’s price as they may imply that there is a buying pressure in the market. Now, here is the chart for Coinbase Pro Bitcoin outflows over the past few months: Coinbase Pro outflows show a huge spike | Source: CryptoQuant As the above graph displays, the indicator has shot up for Coinbase Pro. The outflow value was about 31,107 BTC, which is worth over $1.5 billion at the current price exchange. The exchange is mainly used by US institutional investors so that such a large spike could be bullish for the cryptocurrency. Related Reading | 4 Reasons Why Bitcoin Remains Bullish, What Might Bring New ATHs Big outflows are generally associated with an increase in the price shortly after. A look at the Coinbase Pro outflow history supports the trend; from March 2020 ...