Topic: Crypto Exchanges See Large Bitcoin Outflows BTC balance of Coinbase (Read 273 times)

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

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.

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.

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.

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.

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.

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?

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.

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 .

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,

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.

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.

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

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.

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?

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".

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

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.

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.

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

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.

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.

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

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!


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)

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/