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As Bitcoin (BTC) continues to trade near its recent all-time high (ATH) of $111,980, activity on major crypto exchanges suggests that institutional investors may be strengthening their BTC holdings. Most notably, Coinbase – the leading US-based crypto exchange – recorded a net outflow of 7,883 BTC, raising speculation about renewed institutional demand and a potential continuation of the rally.
Coinbase Sees 7,883 Bitcoin Outflow
According to a recent CryptoQuant Quicktake post by contributor burakkemeci, Coinbase experienced a daily outflow of 8,742 BTC on May 26. After accounting for BTC deposits, the net outflow stood at 7,883 BTC – marking the third-largest single-day BTC outflow from the exchange in the past month.
For the uninitiated, daily BTC outflow refers to the total amount of Bitcoin withdrawn from an exchange within a day, while net outflow is the difference between BTC withdrawn and deposited – showing the actual net movement of funds. A positive net outflow means more BTC left the exchange than entered, often signaling accumulation.
Historically, large BTC outflows from Coinbase are often followed by institutional announcements or spot Bitcoin exchange-traded fund (ETF) inflows. Since all US-listed spot Bitcoin ETFs – except Fidelity’s – source their BTC from Coinbase, the scale of this transaction suggests potential ETF involvement or a corporate acquisition.
One likely candidate is Strategy, led by Michael Saylor. The company recently disclosed a purchase of 7,390 BTC, bringing its total holdings to 576,230 BTC. Saylor has also hinted at another large acquisition, although only time will tell whether the latest Coinbase outflows are connected to the firm.
Supporting this institutional narrative is the Coinbase Premium Index, which has remained consistently positive over the past month. This metric reflects stronger buying pressure from US-based investors, often linked to institutional demand. The analyst concluded:
These outflows reflect sustained demand from U.S.-based institutions. If this appetite continues, it may lay the groundwork for another leg up in Bitcoin’s price. Especially when fueled by ETF inflows, such moves can lead to sharp price breaks and new highs.
New BTC ATH Soon?
At the time of writing, Bitcoin is trading at $109,589, just 1.9% below its all-time high. However, multiple on-chain and technical indicators suggest that BTC could soon break into uncharted territory.
CryptoQuant contributor ibrahimcosar recently noted that Bitcoin may be targeting the $112,000 mark after forming a double bottom pattern on the hourly chart. Meanwhile, the Bitcoin Spot Taker CVD (Cumulative Volume Delta) has flipped back to positive, signaling bullish momentum.
Moreover, on-chain metrics show that holders are not rushing to sell, even while sitting on significant unrealized gains, suggesting belief in further price appreciation. At press time, BTC trades at $109,589, down 0.3% in the past 24 hours.
Featured image from Unsplash, charts from CryptoQuant and TradingView.com
Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.
Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.
In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.
A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.
When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.
Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.
Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.
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