$500 million per week outflows from Coinbase Pro
On-chain Bitcoin data from CryptoQuant indicates that institutional trading on Coinbase Pro shows withdrawals of 15,000 bitcoins or roughly $500 million USD per week.
15,000 Bitcoin being sucked out of Coinbase per week.
— Charles Edwards (@caprioleio) February 16, 2021
Yes, that's more than $1/2B a week.
Yes, more institutions are buying.
Expect the headlines to follow. pic.twitter.com/gYgLmuKvpV
In general, Bitcoin investors will move their crypto to cold storage when they plan on holding it for longer periods of time.
The chart above shows the trend line of all Bitcoin exchange reserves sloping downwards. This means that bitcoin purchasers are moving their coins away from exchanges resulting in further supply shocks to available bitcoins. As a result, we are seeing bitcoin price surges to new all time highs almost every week.
The data indicates a continuous supply crisis and therefore one should expect further upwards price volatility.
