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Home Technical analysis BTC

Coinbase Bitcoin Outflows Are The Strongest Bullish Signal “Ever”

Tony Spilotro by Tony Spilotro
1 month ago
in BTC
Reading Time: 3min read
bitcoin strong bull coinbase
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Bitcoin price is trading above $50,000 once again, following a short-lived correction below the key level. Bullish news that Coinbase had filed to go public helped send the price higher this morning, but the real strength in the cryptocurrency comes from outflows leading the exchange.

Here’s why one top quant analyst says that the 13K BTC outflows are the “strongest bullish signal” they’ve “ever seen.”

13,000 Bitcoin Leave Coinbase, Bought Below $50,000 Price Level During Dip

A massive whale recently sold down the current peak of the ongoing Bitcoin rally, but according to Coinbase outflows institutions were ready in wait, buying the dip with whatever capital they could.

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Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

At the low of the recent correction, some 13,000 BTC left the popular US cryptocurrency platform. The platform is said to be where Tesla and Square acquired their coins, and other major players are doing so as well.

coinbase bitcoin outflow

A total of 13,390 BTC left Coinbase yesterday after being bought at lows | Source: CryptoQuant

According to CryptoQuant CEO Ki Young Ju, this is the “strongest bullish signal” he’s ever seen. But why exactly are BTC leaving the exchange so bullish for the leading cryptocurrency by market cap?

Why Continued Outflows Are The Strongest Bullish Signal Ever

Bitcoin’s value, like any asset, is based on supply and demand. If there is more supply than demand, price decreases. If demand outweighs supply, price appreciates.

Because the total BTC supply is so scarce, when demand reaches peak levels, price action goes parabolic to compensate for the complete lack of available supply.

Coinbase outflows of this size and more, have each time preceded a sizable bullish impulse and price increase. Outflows around early February, early January, and around Christmas all met or exceeded the total BTC leaving Coinbase yesterday.

bitcoin record coinbase outflows

A total of 13,390 BTC left Coinbase yesterday after being bought at lows | Source: BTCUSD on TradingView.com

However, the overall reserves of BTC one exchanges still continue to dry up over time. With so little supply to go around, and demand not yet ready to wane, the cryptocurrency could see a dramatic rebound from here.

Related Reading | Forget 2021, Here’s How High Bitcoin Price Can Go By 2026

Technicals do hint that price action is overheated, but the most recent correction could be enough of a pullback to allow Bitcoin’s wildly bullish fundamentals take back over and send prices soaring again.

Speculation on where the “top” of the current bull market uptrend lies ranges from $100,000 per coin to as high as $325,000 per BTC. At the current rate of appreciation, however, the low end of the range could end up selling the cryptocurrency a coin or two short.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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