Crypto

As 10K BTC Departs Coinbase In A Single Day, Bitcoin Sees ‘Nonstop’ End-Of-Year Purchase

Bitcoin Cryptocurrency

Almost 10,000 Bitcoin (BTC) left major United States-based exchange Coinbase on December 30 in a sign that investor appetite is returning to the sphere.

Data from on-chain monitoring resource Coinglass shows Coinbase’s professional trading arm, Coinbase Pro, shedding 9,925 BTC in the 24 hours to New Year’s Eve.

Binance adds 66,000 BTC in December

The buy-in, which runs in contrast to rising or flat balances on other major exchanges, marks a conspicuous short-term trend shift.

The latter half of December has been characterized by platforms such as Binance and OKEx seeing increased inflows of BTC — something commentators feared could be a forewarning of a sell-off.

While such a mass sale of Bitcoin has not yet occurred, not everyone believes that it will stay that way.

At the same time, the exodus of registered Chinese users from exchange Huobi Global could be triggering a reorganization of funds, a more recent theory suggests.

Increased Bitcoin inflows were seen in the second half of December on platforms like Binance and OKEx, which observers believed could be a forewarning of a sell-off.

While a mass sale of Bitcoin has yet to take place, not everyone believes that this will remain the case.

At the same time, a more recent notion claims that the migration of registered Chinese customers from Huobi Global could be causing a restructuring of funds.

Binance is up 840 Bitcoin as of Friday, according to Coinglass, while OKEx has had 767 BTC inflows. Huobi has lost only 158 BTC, but a massive 14,044 BTC has left its books in December as a whole, indicating the scale of the Chinese user exodus.

In terms of monthly inflows, Binance handily wins, with over 66,000 BTC up since the end of November.

Nonetheless, as 2021 came to a close, it was Coinbase that caught the attention of analysts.

Ryan Clark, a famous Twitter trader, summarized, “Coinbase purchasing has been pretty constant today.”

A “flippening” of institutions is on the way.

Institutions are expected to re-enter the spotlight when it comes to BTC ownership in early January, following the holiday season.

Trading firm QCP Capital announced a “flippening” in the investor arena from retail to institutional in its end-of-year summary and 2022 forecast report, “Just Crypto.”

“The first thing we expect to see in 2022 is a huge shift in crypto ownership from mostly retail to institutional players, with institutional players having a substantially larger share,” it said.

Big players would be unaffected by previous price movements in such a circumstance, with BTC spot allocations outperforming assets like crypto stocks in 2021.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.