After another week of consolidation for bitcoin, with a drawdown to $31k, investors look to the weekend for a sigh of relief as the GBTC shares unlock continues.
On-chain analysts detected an unusually large inflow of 41,000 BTC over a few transactions into Coinbase Pro Exchange, in just one hour. The immediate reaction from Crypto Twitter was fear and calls for BTC “to $20k or $10k BTC.”
This looks like a bearish signal, but we have to recognize the fact that crypto exchanges are known to do internal transfers. Around the same time, On-chain Analysis detected similarly large outflows of 37,154 BTC from Coinbase Pro, as can be seen below:
Outflow and Inflow have the same number, which should be Coinbase’s internal wallet transfer. https://t.co/LOrM0vWWd4 pic.twitter.com/937nRELcTS
— Wu Blockchain (@WuBlockchain) July 17, 2021
If this was a one-sided event, this would have been an extremely bullish or bearish signal. Thankfully, the inflows and outflows were similar i
Źródło: https://cryptopotato.com/bitcoin-transferred-to-coinbase-pro-in-one-hour-should-you-be-worried/
