Bitcoin
BTC$23 429.91

-2.98%

Ethereum
ETH$1 847.57

-3.79%

Tether
USDT$1.000067

0%

USD Coin
USDC$0.999890

-0.03%

Binance Coin
BNB$307.09

-4.56%

XRP
XRP$0.375757

-3.10%

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 Data from on-chain monitoring resource Glassnode showed 12,354 BTC ($694 million) being withdrawn from the Coinbase order book in a single hour on Friday.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 86% 13 $23 429.91 -2.98% -4.72% $448 083 931 933 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.8% 57 $1 847.57 -3.79% -2.43% $225 419 148 922 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000067 0% -0.03% $67 570 461 571 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.999890 -0.03% 0% $53 158 442 176 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 68% 64 $307.09 -4.56% -7.60% $49 544 493 340 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 92.4% 10 $0.375757 -3.10% -1.87% $18 553 995 523 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 82.4% 30 $0.539350 -6.65% -0.67% $18 302 331 679 ADA 7 days price change
8 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $1.000057 -0.01% 0.02% $18 286 483 855 BUSD 7 days price change
9 Solana (SOL) SOL Solana predictions 82.4% 33 $40.86 -7.69% -7.78% $14 252 146 077 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 82% 28 $0.081251 -6.65% 12.66% $10 779 653 085 DOGE 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 67.6% 66 $0.058473 -3.79% -4.52% $10 139 813 771 HEX 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 70% 54 $8.44 -7.21% -10.90% $9 357 728 015 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 77.2% 45 $0.000015 -8.15% 19.00% $8 186 277 612 SHIB 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 63 $25.91 -7.28% -12.86% $7 382 471 158 AVAX 7 days price change

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