Coinbase Moves 7,000 BTC Amidst Market Speculation for Price Rally

Coinbase, a well-known crypto exchange, has recently gone through a notable Bitcoin ($BTC) withdrawal. As per the data from CryptoQuant, a staggering 7,000

Coinbase, a prominent cryptocurrency exchange, has seen a significant Bitcoin (BTC) withdrawal, as reported by CryptoQuant.

A staggering 7,000 BTC, valued at over $500 million, has been extracted from Coinbase Advanced, the professional trading tier of Coinbase. This negative flow on-chain indicates an accumulation phase by large-scale investors, commonly known as whales.

Highlighting bullish market sentiment, the crypto accumulation in such huge amounts showcases the optimistic outlook of investors. Notably, Coinbase stands as a key on-ramp solution for institutional consumers in the U.S.

This large-scale BTC extraction may underscore the potential repositioning of these large players ahead of the potential price appreciation instead of short-term selling.

It’s worth mentioning that a few of such Bitcoin shifts are likely linked to the activities dealing with exchange-traded funds. ETF custodians and issuers usually bring BTC coins from Coinbase.

Hence, such sudden and large outflows might denote mounting ETF demand, fortifying the idea of shrinking supply.

Market trends favor the bullish outlook further. Bitcoin’s price is now above the realized level, measured by the one-day-to-one-week Unspent Transaction Output Age Band.

As per the historical data, when market price maintains its status above this respective threshold, it displays positive sentiment. In such a situation, investors usually experience profits, which in turn attracts more buying pressure to trigger likely rallies.

According to the CryptoQuant analyst, the withdrawal of 7K BTC for accumulation showcases the increasing confidence among Bitcoin investors. Especially, whale investors are interested in active market participation.

Currently, the accumulation of $500M in Bitcoin increases the likelihood of enormous price rallies in the future. In this respect, the Bitcoin whales are adjusting their positions to capitalize on the potential price appreciation.

Meanwhile, traders and market onlookers are looking for direct bullish signs.