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Large Bitcoin Withdrawals from Coinabase Continue as Strong Dip Institutional Buying Goes On: Details

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Fri, 05/21/2021 - 11:12
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Yuri Molchan
Whales and institutions keep grabbing the dip and withdrawing Bitcoins from Coinbase, as per recent analytics data
Large Bitcoin Withdrawals from Coinabase Continue as Strong Dip Institutional Buying Goes On: Details
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Charts provided by Glassnode data aggregator show that strong Bitcoin "dip buying" continues, while whales and institutions are withdrawing large amounts of Bitcoin from Coinbase in particular.

Bitcoin withdrawals from Coinbase higher than from other exchanges

Glassnode chart shows that on three major exchanges, except Coinbase, Bitcoin balances have been rising over the past two months.

The leading platform here is Binance, which has registered both the highest increase in BTC balances and a decrease. Next comes the Winklevoss twins' Gemini, followed by the largest Chinese exchange, Huobi.

U.S.-based Coinbase is, on the contrary, demonstrating largely shrinking balances of the flagship digital currency.

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Institutions continue strong BTC dip buying

Glassnode founders Jan Happel and Jann Allemann have taken to their joint Twitter account to share their take that financial institutions continue to massively buy Bitcoin on the dip.

They have posted a Glassnode chart that shows that the number of transfers from OTC desk wallets (seven-day MA) has been dropping.

Earlier, they reported that long-term holders had been actively accumulating Bitcoin as the Long-Term Holder Net Position Change indicator started going green.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.