world’s largest cryptocurrency Over a billion dollars from Coinbase, one of the exchanges bitcoin was out.
This was the highest single-week stock market exit in nearly the past five years.
After a partial rise in the crypto money market, the $ 1.2 billion BTC cryptocurrency exchange was pulled out of Coinbase.
The BTC price had increased by 7% over the past week. According to experts, the latest development could serve as a signal for BTC to increase institutional accumulation and adoption.
However, the price of Bitcoin continues to hover between $ 34,000 and $ 44,000, which it has been in since the beginning of the year.
Coinbase’s Bitcoin Reserves Drop To The Lowest In The Last 4 Years
The move of the $ 1.2 billion BTC in question out of Coinbase was detected by Blockchain analysis company Glassnode.
31,130 BTC has left Coinbase, the largest US cryptocurrency exchange. However, the stock market’s reserves fell to 649,500, the lowest level in the last four years.
However, the report mentioned the potential for a capitulation event for Bitcoin despite the decrease in supply on the exchange.
Due to the capitulation, according to experts, the BTC price may collapse in a way similar to the past market cycles:
“The market is currently in a delicate balance in an environment of high macro and geopolitical uncertainty on the global stage.
Two years have passed since the big capitulation event in March 2020. At that time, the BTC price dropped from $ 8,000 to $ 3,800, declining 52% in two days, thus ending the 2019-2020 bear cycle. Such capitulation events often signal the complete deletion of the remaining sellers and a favorable environment for the bulls.”
*Not investment advice.