Bitcoin
BTC$43 122.17

0.96%

Ethereum
ETH$2 962.21

0.70%

Cardano
ADA$2.26

-3.91%

Tether
USDT$1.000745

-0.03%

Binance Coin
BNB$340.66

-3.81%

XRP
XRP$0.936744

-0.87%

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 Data from on-chain monitoring resource Glassnode showed 12,354 BTC ($694 million) being withdrawn from the Coinbase order book in a single hour on Friday.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 Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.8% 35 $43 122.17 0.96% -10.21% $811 845 197 142 $32 979 366 396
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $2 962.21 0.70% -13.01% $348 594 526 258 $21 804 823 841
3 Cardano (ADA) ADA Cardano predictions 62% 80 $2.26 -3.91% -4.61% $72 247 803 034 $5 934 309 942
4 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000745 -0.03% 0.18% $68 594 041 542 $78 531 944 846
5 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 69 $340.66 -3.81% -16.81% $57 277 129 248 $1 824 922 046
6 XRP (XRP) XRP XRP predictions 74.8% 52 $0.936744 -0.87% -12.84% $43 762 466 306 $3 480 602 653
7 Solana (SOL) SOL Solana predictions 67.2% 73 $133.73 -5.17% -16.25% $39 755 230 580 $2 355 486 237
8 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $1.000354 -0.02% 0.15% $30 960 831 356 $3 856 410 295
9 Polkadot (DOT) DOT Polkadot predictions 67.2% 69 $28.93 -5.79% -14.59% $28 569 978 013 $2 497 931 662
10 Dogecoin (DOGE) DOGE Dogecoin predictions 65.2% 77 $0.203541 -2.93% -14.83% $26 754 819 985 $1 484 621 745
11 Avalanche (AVAX) AVAX Avalanche predictions 61.6% 87 $67.70 -4.70% -6.71% $14 914 226 366 $1 215 382 304
12 Terra (LUNA) LUNA Terra predictions 68% 59 $36.55 -4.62% 2.04% $14 617 138 870 $1 673 809 615
13 UniSwap (UNI) UNI UniSwap predictions 66% 74 $22.46 14.19% -8.01% $13 735 517 239 $963 138 296
14 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000428 -0.01% 0.16% $13 695 184 249 $5 414 111 970
15 Chainlink (LINK) LINK Chainlink predictions 65.6% 70 $24.43 6.38% -13.70% $11 115 873 690 $1 892 923 557

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