Bitcoin
BTC$65 160.59

-0.01%

Ethereum
ETH$3 545.92

4.22%

Tether
USDT$0.999568

-0.07%

Binance Coin
BNB$598.14

3.13%

Solana
SOL$138.51

1.86%

USD Coin
USDC$1.000069

0%

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 Data from on-chain monitoring resource Glassnode showed 12,354 BTC ($694 million) being withdrawn from the Coinbase order book in a single hour on Friday.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 88.8% 16 $65 160.59 -0.01% -5.96% $1 284 603 252 583 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 84.4% 20 $3 545.92 4.22% -2.31% $433 581 160 914 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $0.999568 -0.07% -0.03% $112 557 451 383 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 82.4% 25 $598.14 3.13% -4.45% $88 276 134 573 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 76.4% 47 $138.51 1.86% -12.57% $63 977 830 485 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92% 3 $1.000069 0% 0.01% $32 866 426 901 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 79.6% 33 $0.492690 -0.99% 2.06% $27 379 038 466 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66.8% 67 $0.124464 3.99% -13.60% $18 019 120 289 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 66% 66 $6.92 -2.91% -3.55% $16 860 824 015 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 77.2% 44 $0.387962 2.59% -9.07% $13 863 575 914 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.4% 94 $0.000018 3.15% -17.87% $10 805 380 160 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 63 $27.38 5.67% -17.58% $10 769 164 252 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 91.6% 9 $0.116854 1.76% 0.19% $10 215 700 416 WTRX 7 days price change
15 TRON (TRX) TRX TRON predictions 90.4% 9 $0.116705 1.47% 0.05% $10 183 911 375 TRX 7 days price change

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