news 
Coinbase Sees Record BTC Outflow as Whales Move $1.1 Billion in 1 Hour
December 20, 2024
Crypto exchange Coinbase has witnessed a historic outflow of Bitcoin (BTC) as whales and institutional investors move a staggering $1.1 billion worth of the digital currency within a single hour.
According to recent data, Coinbase recorded an unprecedented withdrawal of 10,756 BTC in just one hour, with the total volume amounting to approximately $1.1 billion. This extraordinary transaction has sparked mild optimism in the market, as it suggests that large-scale investors are buying the dip and eyeing another rally.
It appears that institutional players have taken advantage of the recent market downturn to accumulate massive amounts of BTC, undeterred by price fluctuations or market downturns. The move is indicative of a shift towards long-term holdings, as investors seek to capitalize on potential macroeconomic factors in the United States.
The data reveals that Coinbase saw two separate blocks, with the first containing 8,093 BTC and the second holding 2,557 BTC, before the hour mark. Outflows from centralized exchanges typically indicate improved market sentiments, as users opt for long-term holdings over short-term gains.
Institutional investors have been actively buying Bitcoin amid recent market fluctuations. This activity is particularly noteworthy considering that retail investors have been selling assets in the past week to secure profits after Bitcoin touched all-time highs.
Interestingly, Coinbase’s record outflow follows a rate cut announcement by the U.S. Federal Reserve on December 18, which saw interest rates fall to their lowest since February 2023. The move is expected to lead to increased inflows as investors seek riskier assets amid slowing inflationary trends.
Experts have linked recent activity to spot Bitcoin ETFs and other institutional activities, underscoring the growing influence of large-scale players in the Bitcoin market.
In related news, renowned miner Hut 8 has announced the purchase of 990 BTC worth approximately $100 million, further solidifying its position above the $1 billion mark. Additionally, Riot Platforms splurged $525 million to acquire 5,117 BTC, fueling bullish sentiments within the industry.
The combined buying spree by institutional investors and miners suggests that the market may be poised for a significant upswing in the near future.
Source: zycrypto.com
