Data shows Bitcoin has just seen its second large outflow from Coinbase in a week, as almost $1.2 billion in BTC has left the platform.
A Large Amount Of Bitcoin Has Just Been Withdrawn From Coinbase
As an analyst in a CryptoQuant Quicktake post explained, the cryptocurrency exchange Coinbase has just seen the exit of 17,000 BTC. The on-chain indicator of relevance here is the “exchange outflow,” which measures the total amount of Bitcoin being transferred out of the wallets of a given centralized exchange.
When the value of this metric is high, it means that the investors are withdrawing large amounts from the platform right now. Generally, holders take coins off to self-custody when they plan to hold for extended periods, so this trend can be a sign that long-term accumulation is happening in the market.
On the other hand, the indicator’s low level suggests not many holders are transferring coins out of these central entities at the moment. Depending on the trend i
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