As a seasoned crypto investor with over a decade of experience under my belt, I’ve learned to read between the lines when it comes to market trends and indicators. The recent withdrawal of nearly 20,000 BTC from Coinbase, worth a staggering $1.87 billion, is a clear sign that whales are playing their hand. This move suggests that they’re not looking to sell off in the short term, but rather, they’re storing their Bitcoins for a rainy day.
In simpler terms, the biggest digital currency experienced a significant surge in value following Donald Trump’s victory as U.S. President a month ago. However, its recent price fluctuations have been less impressive than many other alternative cryptocurrencies.
On the other hand, the frequency of Bitcoin being taken out from exchanges keeps rising, while another indicator linked to addresses hints that its value might still have significant potential for growth.
Almost 20K BTC Taken Off Coinbase
The quantity of a specific asset held in trading platforms can serve as a good indicator for its near-term price fluctuations. When there’s a large amount of this asset available on exchanges, it increases the likelihood of a correction because of the significant instant selling pressure. Conversely, when the supply is low, there’s a higher probability for an increase due to the scarcity and demand.
Over the past few months, I’ve observed a generally favorable environment surrounding Bitcoin. Investors have been regularly transferring their funds from exchanges into cold storage, indicating a long-term bullish sentiment. From a shorter-term viewpoint, as per CryptoQuant’s analysis, this trend continues to look promising.
In just one day, the data analysis firm highlighted that about 20,000 Bitcoins, worth approximately $1.87 billion, were withdrawn from Coinbase, the leading U.S. cryptocurrency exchange, in two major transactions.
Two Significant Outflows Exceeding 8k #BTC Each from Coinbase in the Last 24h
Approximately 19,487 Bitcoin, averaging a purchase price of around $96,043 each, were taken out in two separate transactions. The combined worth of these transactions is roughly equivalent to about $1.87 billion. (By @burak_kesmeci’s suggestion)
Link
— CryptoQuant.com (@cryptoquant_com) December 3, 2024
Average Returns Cool-Off
Over the past few weeks, Bitcoin’s impressive surge from around $70,000 to almost $100,000 made every investor a winner. With such an astonishing growth spurt, many chose to cash out their earnings, leading to a market adjustment for the cryptocurrency. Although it has bounced back from its recent dip below $91,000, Bitcoin is yet to regain momentum and break through the $100,000 barrier.
Santiment presents an upbeat perspective suggesting a shift for those currently in profit. The average earnings from Bitcoin wallets active over the past month have dropped to a ‘more moderate’ 4.2%. When this figure surpasses 5%, the underlying asset usually retracts, while figures below that often signal a bounce is imminent.
Yesterday, I saw Bitcoin (BTC) plummeting by several thousand dollars, reaching around $93,000. However, today, it’s showing signs of recovery, almost making its way back up to $97,000.
Currently, the typical earnings from Bitcoin wallets that were recently active (within the last 30 days) are approximately +4.2%, which is a significantly more moderate figure.
A rise of over 5% in this measure often suggests that a correction might be imminent. Conversely, if it falls by 5% or less, it typically indicates…
— Santiment (@santimentfeed) December 3, 2024
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2024-12-04 14:42