NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings

Despite Drop To $47k, Coinbase Observes 31k Bitcoin Outflow. Bull Rally Still On?

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 1:52 pm
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

On-chain data shows despite the Bitcoin drop to $47k, Coinbase saw outflows of around 31k BTC, a sign that the market could still be bullish.

Outflows Of 31k BTC On Crypto Exchange Coinbase

As pointed out by a CryptoQuant post, the popular crypto exchange Coinbase has observed huge Bitcoin outflows today.

As is apparent from the name, the “outflows” indicator shows the amount of BTC transferred from an exchange to personal wallets.

A huge spike in the metric’s value means big investors are moving their Bitcoin out of exchanges either to hodl or for selling through OTC deals.

Therefore, outflows are generally good signs for the cryptocurrency’s price as they may imply that there is a buying pressure in the market.

Now, here is the chart for Coinbase Pro Bitcoin outflows over the past few months:

Bitcoin Outflows

Coinbase Pro outflows show a huge spike | Source: CryptoQuant

As the above graph displays, the indicator has shot up for Coinbase Pro. The outflow value was about 31,107 BTC, which is worth over $1.5 billion at the current price exchange.

The exchange is mainly used by US institutional investors so that such a large spike could be bullish for the cryptocurrency.

Related Reading | 4 Reasons Why Bitcoin Remains Bullish, What Might Bring New ATHs

Big outflows are generally associated with an increase in the price shortly after. A look at the Coinbase Pro outflow history supports the trend; from March 2020 onwards, similar values of the indicator became frequent as the bull run marched on.

Bitcoin Price

At the time of writing, BTC’s price floats around $48.5k, down 0.16% in the last 24 hours. Though, over the last week the cryptocurrency is still green as its value is about 6.8% up.

In the past 30 days, Bitcoin has accumulated 26.4% in gains. The below chart showcases the trends in the price of the coin over the last three months:

Bitcoin Price Chart

BTC's price sharply falls down after touching the $50k price level | Source: BTCUSD on TradingView

After weeks of climbing upwards, BTC was finally able to break $50k a couple of days ago for the first time since May. However, the coin couldn’t sustain at the level and was rejected downwards.

Related Reading | Will Ethereum Reach Its All-Time-High Before Bitcoin?

The downtrend has been sharp, and earlier today the price fell down to as low as $47k. However, since then it has recovered somewhat to above the $48k level.

It’s unclear which direction Bitcoin will go in next, but if the Coinbase Pro outflows are anything to go by, signs seem to be still bullish for the market. Though, at the moment BTC’s on-chain activity is still very low. If the coin tests $50k again without the network activity going up, a bearish signal could flare up instead.

Tweet123Share196ShareSend
Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Dogecoin

Dogecoin Just Suffered An 80% Crash In This Major Metric

Dogecoin’s highly anticipated ETF debut has taken an unexpected slow turn. What began as a strong opening for the new...

Sandra White 1 hour ago
Ether

320 Ether On The Move: Bhutan Ramps Up Its Staking Game

According to reports, the government of Bhutan moved 320 Ethereum (ETH) into staking on November 27, 2025. The transaction was...

Christian Encila 3 hours ago
best wallet token

Best Wallet Token uvrščen na borzo MEXC! Trgovanje se začne 28. novembra

Po izjemno uspešnem ICO-ju, ki je v predprodaji Best Wallet Token zbral 17,5 milijona dolarjev, hitro rastoča multichain denarnica Best...

Alenka Kovač 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

BTC : nouvelle fenêtre temporelle annoncée pour une hausse parabolique.

Bitcoin : la date de la prochaine hausse parabolique enfin révélée ?

guillaumev 12 minutes ago

Ethereum peste 3.000$ – Ce anticipează analiștii crypto pentru decembrie?

antonio 25 minutes ago
Cardano Upgrade Leios Is Live – Gaat De ADA Koers Stijgen Dit Weekend?

Cardano Upgrade Leios Is Live – Gaat De ADA Koers Stijgen Dit Weekend?

Lars Diederiksen 41 minutes ago

Premium Sponsors

Press Releases

  • ドージコイン 今後:上昇一服も、強気トレンドが終わらない理由

    ドージコイン...

    2 hours ago
  • リップル 今後:ETF資金流入が伸び悩む中、XRPに何が起きているのか?

    リップル...

    2 hours ago
  • 仮想通貨 プレセール:次世代ウォレット系トークンの調達額が1,800万ドルに到達、残り3時間に迫る

    仮想通貨...

    2 hours ago
  • 仮想通貨 おすすめ:市場回復の中で VIRTUAL が再び1ドル台へ上昇

    仮想通貨 おすすめ:市場回復の中で VIRTUAL...

    2 hours ago
  • 新しい仮想通貨:2026年強気相場の予測広がる中、ビットコイン市場心理が回復しプレセール資金が急増

    ...

    3 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.