Topic: Crypto Exchanges See Large Bitcoin Outflows BTC balance of Coinbase - page 2. (Read 265 times)

Because:
- this is data from glassnode, a company which I will never forget for making this stupid shit up
- there is really no way tracking conveniently those coins, they might be going outside of Coinbase's cold wallet but nobody knows who's those wallets are until mode data is revealed
- companies tracking those movements have a lot of time made a fool of themselves by advertising as mysterious transfers that were simply cold wallets funds migrating to another new cold wallet.

Going away from blaming the poor data
- coins that sit on exchange and on exchange wallets are not coins that definitely must be sold
- coins that leave the exchange are not definitely coins moving to hardware wallets, they might be coins moving to bisq to be sold
- coins that leave that exchange might be coins who have been sold by the owner to somebody else, so thus the drop
- 1 million coins that are used to convert back and forth BTC<>USDT will not have the same effect as a dump of 1500BTC which right now would crash even Binance to under 40k.
- and most important, nobody knows how the amount of $ on exchange is fluctuating.

I believe some whales will resort to paper wallet and Bitcoin core within those years before hardware wallet were created, exchange volume were not as much as these days also, it is normal that whales and other crypto holders like to make use of noncustododial wallet (we can not specify if it is hardware wallet that is used or not but wallet). Bitcoin users at the start knows the rules than the recent Bitcoin users that do not even care about kyc, not your key not your coins is a strong word whales do not play with.

Hierarchical deterministic wallet was introduced in BIP 32 and that was 2012 if I researched correctly.

You are absolutely correct. First Trezor wallet, 2013. First Ledger Nano wallet, 2014.

But what I meant was that it will be more accurate if the exchange outflow reduction occurred recently after the recent crash when Bitcoin plummeted from $52000 to below $46000. It will be a strong sign that whales are accumulating Bitcoin again which can easily lead to increase in Bitcoin price.

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.

I have seen this repeatedly in youtube videos about Bitcoin for some time.


I also think this is likely.


Interesting.


Well, actually, if we look at the 2017 chart, and assume that something very similar is going to happen, we would be within the normal range and the best is yet to come:



(Source: https://finance.yahoo.com/)

On September 10 the price was above $4k, had broken highs, had started the year above $900 and we had gone through a summer of FUD with hard forks. On September 10 the price was above $4k, had broken highs, had started the year above $900 and we had gone through a summer of FUD with hard forks. From September onwards the price started to gradually rise and from November onwards came the big spike (followed by a dip and bear market).

So, assuming that this cycle is similar to the previous one, everything that is happening with the price this year is within the normal range and the final push is still to come.

In a zoomed out manner, sure hardware wallet had a significant effect. But hardware wallets existed for how many years now? And add the fact that hardware wallets still isn't the norm when talking about the masses (because Coinbase and Binance is still by default the "main" wallet).

What bitmover was referring to was data that's a bit more recent; whereas people have been steadily leaving exchanges. (again, even when Ledger and Trezor have existed since 2013-2014)

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.

Also, 2017 is too long to draw accurate data of what would happen next, Bitcoin was at $19600 in its highest price in 2017 while Bitcoin is now still over $45000. Two or three massive exchange outflow into Bitcoin wallet occured this year IIRC and resulted to increase in Bitcoin price, I even posted on this forum two months ago the last one that happened within the last 6 months when Bitcoin price plumented to around $36000 all the way from all-time-high. I may be wrong, but I do not think 2017 is not too far to get accurate result.

Bitcoin price can not just continue to increase, there will be a bear time also, but over long period of time, the bull market will be potent than the bear which make bitcoin price to increase than in past time. But the bear time will help new investors to come in also to take advantage of what will happen next which is bull market again. Bitcoin price will increase, retrace and retest before reaching all-time-high again.

I discussed this before but I think the reason why more and more bitcoins are leaving exchanges is because there are hardware wallets out these days and cold storage is much easier for the average user. A few years back you had to either have a dedicated computer which was your cold storage or you had to print out those bitaddress one time use private keys which was tedious if you moved around your BTC.

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. 

I have no data or charts to show, but I could almost guarantee that it's just derivatives getting wiped and a chain of stop-losses getting triggered; especially that one huge red candle we had like 2 days ago. Everything fundamentally just says bullish, hence why it's the only reason I could think of that could've caused the selloff.

I could be wrong, of course.

This news is about 1 week old  but I believe the situation is quiet the same.

Bitcoin geld by exchanges are in the lowest value since 2017.
I don't get why we are still going down. Anyway, this is the longest bull run I have seen, and we are still in a very high price compared to January.

There is a selling pressure and a downside movement,  but that's not enough to crash bitcoin.

https://www.financemagnates.com/cryptocurrency/news/crypto-exchanges-see-large-bitcoin-outflows/