Bitcoin Experiences 7,883 BTC Outflow from Coinbase Indicating Institutional Demand
Bitcoin (BTC) is trading near its all-time high of $111,980. Recent activity on major exchanges, particularly Coinbase, indicates increased institutional interest in BTC.
Coinbase Sees 7,883 Bitcoin Outflow
- Coinbase recorded a net outflow of 7,883 BTC on May 26 after a total withdrawal of 8,742 BTC.
- This marks the third-largest single-day BTC outflow from Coinbase in the past month.
- Positive net outflow suggests accumulation, often linked to institutional demand.
- Large outflows typically precede institutional announcements or ETF inflows.
- Strategy, led by Michael Saylor, recently purchased 7,390 BTC, increasing its holdings to 576,230 BTC.
- The Coinbase Premium Index indicates sustained demand from U.S.-based institutions.
These outflows reflect sustained demand from U.S.-based institutions. If this appetite continues, it may lay the groundwork for another leg up in Bitcoin’s price.
New BTC ATH Soon?
- Bitcoin is currently trading at $109,589, slightly below its ATH.
- Technical indicators suggest BTC could target $112,000 soon.
- Cumulative Volume Delta has returned to positive, indicating bullish momentum.
- On-chain metrics show holders are not selling despite significant unrealized gains.
- At press time, BTC is down 0.3% in the last 24 hours.
