Crypto Exchanges See Large Bitcoin Outflows BTC balance of Coinbase

EdenHazard

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Quote from: mk4 on September 12, 2021, 11:07:06 AM

Quote from: EdenHazard on September 11, 2021, 06:38:05 PM

Because you and i or any other forum member here or whoever out there who hold personally less than 10 bitcoin can not make that happened , a big impact caused by a big thing .. and considering its become a trend an institutional especially in the US get involved in bitcoin investment in the last few months , why not ? who else?

Because it's not just you and me and other people here. There are HUGE communities outside of Bitcointalk if you haven't known; and definitely do not underestimate the collective buying power of the masses.

And add to the fact that most institutions actually use the likes of Coinbase Institutional so you wouldn't expect an outflow.

If you say so then, i'd say yes. to end this early tho. Wink

we are here speculating all the time isnt it? the decentralized system in crypto make us forcefully to think with insuficient data and lots of error in it statistically mathematically, there is no fixed data, no data lay down for long, its continuously moving and you cant expect anything but a wrong prediction. normal. just normal.
im just saying the popular opinion has it and which its good for you to have an extraordinary point of view,brate.

davis196

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Many crypto traders have finally realized that the centralized cryptocurrency exchange platforms are not the core of the crypto world.The crypto community can thrive without those centralized exchanges.
This is rather good news and we don't have to worry about BTC outflows and having less BTC in the hands of crypto trading platforms,that can be hacked.
It is way better to keep our coins in our wallets,while blindly trusting greedy corporations like Coinbase.
Many Bitcoiners finally believed in the "not your keys,not your coins" and "be your own bank" slogans,which define Bitcoin.

cryptomaniac_xxx

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Quote from: buwaytress on September 13, 2021, 09:12:07 AM

Yeah, not sure this exchange inflow outflow really says anything. The last similar news was a lack of balances at Coinbase, and that didn't stop price from breaking support and sitting where it is now.

Maybe Coinbase no longer is a marker any longer, at least not for institutional movements. Retail people are not still keeping coins there are they?

Yeah, probably retail investors still have the bulk of their crypto on big exchanges such as Coinbase.

But whales and those early bagholders prefer the old but very effective hard wallet safe keeping.

So it's hard how to digest the numbers of inflows/outflows as data is very week or at least we can't make any conclusion as for this numbers. Hopefully though, it might do good for the price in the long term.

barbara44

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You do not have to have a lot of people selling bitcoin to drop the price, that would be the normal case but you could also have a lot less people buying. So, let's say normally it is 100 million dollars worth bought and 110 million worth sold to get it lower a bit right?

Well, we could have around the same if it was 10 million bought and 20 million sold. This is why I believe that we are seeing less people selling that is true, but we are also seeing a lot less people buying as well. In the end I am sure it will recover and we will be doing fine, I am just not sure that it is today that we will go up. Eventually one day just like how suddenly in an hour we dropped more than 10-15%, we will have the upside of it as well.

mk4

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Quote from: Fundamentals Of on September 12, 2021, 10:05:47 PM

Isn't it safe to assume though that when Bitcoin is sent to exchanges, the primary purpose is to sell it? There could be other possibilities like the owner simply wants to keep it there which is most unlikely. It doesn't mean the coins are up for selling immediately. It could be possible that it is simply sent there for positioning so that when its price rises or when a particular altcoin hits a certain price, it is converted.

Bitcoin being deposited on an exchange(depending on the exchange's features) could also mean that some traders are planning on doing a leveraged long position; though this is definitely a small minority. But nevertheless, some individuals do have some good purchasing power that we really can't just leave out.

buwaytress

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Yeah, not sure this exchange inflow outflow really says anything. The last similar news was a lack of balances at Coinbase, and that didn't stop price from breaking support and sitting where it is now.

Maybe Coinbase no longer is a marker any longer, at least not for institutional movements. Retail people are not still keeping coins there are they?

Fundamentals Of

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Quote from: pooya87 on September 12, 2021, 02:01:40 AM

Quote

The total Bitcoin balance of digital exchange Coinbase now stands at around 700,000 BTC, its lowest level since December 2017.

I'm not convinced that the number of coins on exchanges has anything to do with price prediction, although that doesn't stop people from using it! I simply don't see any connection to future price. It is all about how the price has been in recent times which is with very little change if we exclude the short rises.

Isn't it safe to assume though that when Bitcoin is sent to exchanges, the primary purpose is to sell it? There could be other possibilities like the owner simply wants to keep it there which is most unlikely. It doesn't mean the coins are up for selling immediately. It could be possible that it is simply sent there for positioning so that when its price rises or when a particular altcoin hits a certain price, it is converted.

7788bitcoin

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It may be because, if you check the past charts the month of September was not always great for the market throughout the years and people are smart enough not to hold their coins in exchanges if they are not trading or not having any plans to take any positions, i am sure that the coins will start coming in next month because the next two months will be huge for the market and that is my expectation and i am expecting another all time high valuation by November .

bitmover

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Quote from: pooya87 on September 12, 2021, 02:01:40 AM

I'm not convinced that the number of coins on exchanges has anything to do with price prediction, although that doesn't stop people from using it! I simply don't see any connection to future price. It is all about how the price has been in recent times which is with very little change if we exclude the short rises.

I think the connection is related to scarcity.
For example, if there aren't many coins in exchanges, there will be less people selling it (as there are few coins) than people who are trying to buy. This can increase the price by itself, as demand is superior to the supply.

I thank it makes sense,

mk4

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Quote from: EdenHazard on September 11, 2021, 06:38:05 PM

Because you and i or any other forum member here or whoever out there who hold personally less than 10 bitcoin can not make that happened , a big impact caused by a big thing .. and considering its become a trend an institutional especially in the US get involved in bitcoin investment in the last few months , why not ? who else?

Because it's not just you and me and other people here. There are HUGE communities outside of Bitcointalk if you haven't known; and definitely do not underestimate the collective buying power of the masses.

And add to the fact that most institutions actually use the likes of Coinbase Institutional so you wouldn't expect an outflow.

pooya87

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Quote from: bitmover on September 10, 2021, 11:25:14 AM

Anyway, this is the longest bull run I have seen,

The previous cycle lasted 1500 days while this time we are still in ~1200ths day. So about 300 days is left from this bull run to reach the longest bull run ever.

Quote

and we are still in a very high price compared to January.

And we are in a very low price compared to the peak of the possible bubble.

Quote

The total Bitcoin balance of digital exchange Coinbase now stands at around 700,000 BTC, its lowest level since December 2017.

I'm not convinced that the number of coins on exchanges has anything to do with price prediction, although that doesn't stop people from using it! I simply don't see any connection to future price. It is all about how the price has been in recent times which is with very little change if we exclude the short rises.

EdenHazard

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Quote from: mk4 on September 11, 2021, 05:52:48 AM

Quote from: EdenHazard on September 10, 2021, 11:16:22 PM

Yeah i noticed it in february and that time bitcoin price stealing the show .. U.S institutions getting involved buying bitcoin in the dip, the outflow spike high.
and again since may where bitcoin price touching its lowest price in 100 days , the outflow spike high ... indicating U.S. institutional investors are still buying bitcoin?

well , i believe so, hopefully so.

How is the increase in outflows indicate that institutional investors are buying? lol. Obviously the exchange outflows and institutional volume metrics are totally unrelated.

Because you and i or any other forum member here or whoever out there who hold personally less than 10 bitcoin can not make that happened , a big impact caused by a big thing .. and considering its become a trend an institutional especially in the US get involved in bitcoin investment in the last few months , why not ? who else?

icopress

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Quote from: timerland on September 11, 2021, 02:54:10 PM

People are understanding that Coinbase is a custodial service and therefore not a good way to store coins in the long run - it's as simple as that.

Okay, ironic aside (at the initial stage of development, Coinbase was called Bitbank) Coinbase is still the best storage service since 98% of all actives are stored in cold wallets, and do not forget about their insurance fund, "Coinbase is one of the only exchanges that offers FDIC insurance on USD (US Dollar) deposits".

Quote from: Charles-Tim on September 10, 2021, 12:23:15 PM

I do not know why only Coinbase was used for this, why Binance and other first five exchanges were not included? [...]

I apologize for moving away from the topic ... but I think this post is more relevant than ever.

Quote from: icopress on April 15, 2021, 01:07:19 PM

So let's be clear about something ... First, Coinbase and Binance are not competitors to each other, despite the fact that each of these exchanges has 50 million users. Both exchanges have different goals, with Coinbase targeting USA and Europe while Binance is targeting Eurasia and South America, (to simplify, we can say that it is a matter of jurisdiction, and politics).

Second, the appraised values of these exchanges differ significantly. Despite the colossal trading volumes, everyone forgets that before founding, Binance enlisted the support of the Asian Whales in exchange for long-term trading incentives. I will not be too unfounded, but judging only by the numbers, then Coinbase already has 12% of the total crypto market capitalization at its disposal. You can say that BNB is breaking records, and the capitalization of this token is $ 80 billion - but in reality it is just an altcoin, if Binance announced the IDO now, then BNB would not be included in the estimated value of Binance, (correct me if I am wrong).

timerland

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People are understanding that Coinbase is a custodial service and therefore not a good way to store coins in the long run - it's as simple as that.

The outflow doesn't mean anything more. It doesn't mean that people are selling bitcoin or whetever as they would need coins on exchanges in order to do that.

Bullish news in my view, although it is likely already priced in.

hugeblack

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The stricter the laws and tax rules, the more people will prefer not to keep cryptocurrencies in exchanges because there is no guarantee if these platforms are hacked.
The trend is bullish and a platform like Binance has asked users to verify identity and a lot of platforms are under surveillance so I don't think a lot of people are going to keep it.

In general, this does not confirm that the price will rise, but at least a lot of people have become distrustful of platforms to leave their money on them, or more confident that the price will rise.

Don't forget that 700,000 bitcoins are not the same value in 2017. Wink

mk4

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Quote from: EdenHazard on September 10, 2021, 11:16:22 PM

Yeah i noticed it in february and that time bitcoin price stealing the show .. U.S institutions getting involved buying bitcoin in the dip, the outflow spike high.
and again since may where bitcoin price touching its lowest price in 100 days , the outflow spike high ... indicating U.S. institutional investors are still buying bitcoin?

well , i believe so, hopefully so.

How is the increase in outflows indicate that institutional investors are buying? lol. Obviously the exchange outflows and institutional volume metrics are totally unrelated.

EdenHazard

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Quote from: mk4 on September 10, 2021, 10:51:54 PM

Quote from: EdenHazard on September 10, 2021, 12:47:16 PM

Simply because SEC wants coinbase to folow US regulation, biden regulation to be exact .

and that 1 sentiment from US break the 1 sentiment from el salvador. of course the US crypto sheet much more large than what nayib bukele claimed as el salvador held 550btc the time btc fall 10percent in few minutes 2 days ago. makes sense why those coins leaving coinbase and the price dropped down though.

The SEC going stricter might've contributed to this because it might've spooked some hodlers, but if I remember correctly the exchange outflows of coins started even before the fiasco with the SEC. But yea, it might've given the outflows a good push.

Yeah i noticed it in february and that time bitcoin price stealing the show .. U.S institutions getting involved buying bitcoin in the dip, the outflow spike high.
and again since may where bitcoin price touching its lowest price in 100 days , the outflow spike high ... indicating U.S. institutional investors are still buying bitcoin?

well , i believe so, hopefully so.

mk4

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Quote from: EdenHazard on September 10, 2021, 12:47:16 PM

Simply because SEC wants coinbase to folow US regulation, biden regulation to be exact .

and that 1 sentiment from US break the 1 sentiment from el salvador. of course the US crypto sheet much more large than what nayib bukele claimed as el salvador held 550btc the time btc fall 10percent in few minutes 2 days ago. makes sense why those coins leaving coinbase and the price dropped down though.

The SEC going stricter might've contributed to this because it might've spooked some hodlers, but if I remember correctly the exchange outflows of coins started even before the fiasco with the SEC. But yea, it might've given the outflows a good push.

STT

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Surely they measure volume in USD as well as the plain nominal amounts, naturally there is less seen as price rises. I think the development of BTC will see it spread more thinly over a more diverse range of companies, also back in the day some would never leave the exchange just trading back and forth rather then ever applying it in some real use. There is the main markets of course, it might be more efficient to use contracts to settle a position

bitmover

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Quote from: adaseb on September 10, 2021, 12:17:53 PM

Now we got many hardware wallets which are very safe and convenient to use. So as bitcoins value rises there is a threshold where people decide to withdraw rather than keep on it exchange. Last year when BTC was like $5K most people just held it on the exchange because 1 BTC wasn’t much but now how it’s almost $50K people take security more seriously.

Although this makes some sense, hardware wallets are some old stuff. As mk4 said, ledger trezor exist for more than 7 years from now. I bought my ledger in 2017.

Even though 1 btc was 5 k usd in 2017, people would just send 10 btc from exchanges to a hardware wallet back then
I think what is happening now is that bitcoin is becoming really scarce. We just had a halving an year ago!

Quote from: Charles-Tim on September 10, 2021, 12:23:15 PM

I do not know why only Coinbase was used for this, why Binance and other first five exchanges were not included? Binance remain the strongest exchange in the world with market volume of over $100 billion which also indicate market bitcoin volume to be highest on Binance. I might not be correct but I think this will deserve explanation as Binance and Huobi global are the leading exchange in the world now that have over 60-70% or more of the exchange crypto volume. I do not know much about Bitcoin and other cryptocurrencies in 2017, but I think Coinbase will dominate around that time unlike now. What I meant dif not mean this is not right, but using Coinbase while excluding other important exchanges can result to such question.

I agree, binance is much more relevant. But that was the only article related to the subject that I have found! Anyway, I believe the situation of binance might be similar, as those exchanges are somehow connected (whales use all of those big ones)

Topic: Crypto Exchanges See Large Bitcoin Outflows BTC balance of Coinbase (Read 265 times)