Bitcoin
BTC$42 638.72

-1.51%

Ethereum
ETH$3 256.70

-2.76%

Binance Coin
BNB$472.81

-5.35%

Tether
USDT$1.000273

-0.01%

Cardano
ADA$1.52

7.70%

USD Coin
USDC$0.999934

-0.01%

Unprecedented capital inflows into Bitcoin remove 12K BTC from Coinbase in an hour


07 May 2021

#Bitcoin

Investors mean business as current prices remain more than attractive to new buyers. Another day, another spike in Bitcoin (BTC) leaving major exchange Coinbase as funds pour into the largest cryptocurrency. Data from on-chain monitoring resource Glassnode showed 12,354 BTC ($694 million) being withdrawn from the Coinbase order book in a single hour on Friday.

Coinbase sees another BTC balance squeeze

As the largest exchange in the United States, Coinbase has frequently been the venue for major Bitcoin buy-ins this year. As Cointelegraph reported, sudden tranches in excess of 10,000 BTC heading to private wallets is far from unheard of but nonetheless demonstrates a desire to at least store Bitcoin for the long term instead of keeping it within easy reach of a point of sale.

For analyst Lex Moskovski, the type of investor behind such transactions remains uncertain — it could be a private individual or small group, as well as an institutional investor or corporate client. “Institutions or not, that’s still a significant outflow,” he commented on the Glassnode data.

“Healthy bull market”

The data comes hand in hand with on-chain indicators staying firmly bullish. This week, Glassnode co-founder Rafael Schultze-Kraft highlighted a surge in Bitcoin’s so-called realized cap (Rcap) likewise supporting the broad buying thesis. The realized cap is a measure of Bitcoin’s market capitalization based on the price at which each coin last moved. It provides a useful insight into the market composition and trader sentiment and produces a significantly different total to the traditional market cap.

“Unprecedented capital inflows into Bitcoin as measured by realized capitalization,” Schultze-Kraft tweeted on Friday. “Over the past 6 months, realized cap has surged a whopping $250 billion – an increase of ~200%. Healthy bull market.” He added that realized cap has increased by the same amount as the entire traditional market cap of Bitcoin as measured in December 2020.

Relative to traditional cap, however, Rcap can still increase significantly before signalling the top of the bull market. MVRV, which measures the ratio of the two metrics, measured 4.4 this week, compared to 7.6 in February and over 10 at past market cycle tops. 

“We have yet to experience true fomo yet from institutions. It’s coming,” Timothy Kim responded to the Glassnode numbers.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 69.2% 55 $42 638.72 -1.51% 4.41% $807 243 389 030 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.8% 67 $3 256.70 -2.76% 7.85% $388 191 403 166 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 55 $472.81 -5.35% 12.55% $78 864 524 384 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000273 -0.01% 0.02% $78 421 002 783 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 72.8% 51 $1.52 7.70% 35.16% $51 076 939 560 ADA 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999934 -0.01% 0% $45 406 392 117 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 62% 78 $143.41 -5.39% 7.22% $45 053 299 330 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 73.2% 58 $0.763343 -2.02% 4.70% $36 383 303 359 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 72.4% 59 $81.65 -5.36% 18.96% $29 236 557 736 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 74.4% 53 $26.43 -5.41% 12.61% $26 102 662 712 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 73.6% 46 $0.169529 -4.73% 18.09% $22 491 504 380 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 66% 76 $88.98 -5.79% 5.60% $21 741 645 322 AVAX 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 74% 54 $2.32 -0.44% 16.00% $16 960 038 549 MATIC 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 72.8% 59 $0.000029 -4.37% 8.49% $16 022 900 829 SHIB 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $0.999468 -0.11% -0.14% $14 439 514 995 BUSD 7 days price change

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