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Accumulation behavior of whales or mass withdrawal of Bitcoin again on Coinbase

Cryptocurrency

Suggests buying on a coinbase basis

Around 20:00 on April 30, a large amount of Bitcoin withdrawals equivalent to 11,908 BTC (about 74 billion yen) was detected from Coinbase, a major US cryptocurrency exchange.

Source:

According to cryptocurrency on-chain data provider CryptoQuant, a total of 48,900 BTC or more of Bitcoin was withdrawn from Coinbase four times in April.

Ki CEO of CryptoQuant pointed out that the most recent trend of money movements is likely to be due to whales (large investors) using OTC, not from trading wallets, “whales are buying bitcoins.” I commented.

The withdrawal timing this time is a large amount of withdrawals at $ 57,000, which is the recovery phase from the plunge. Large withdrawals from major exchanges are likely to lead to a decline in selling pressure, as it suggests that funds will be transferred to custody wallets, etc. with a view to medium- to long-term holdings. (* The accuracy of on-chain analysis is not 100%)

Ethereum highest price update

Ethereum (ETH), which has seen a remarkable rise, hit a record high on May 1st at $ 2,834.

There are multiple factors behind the continued growth.

  • Next-generation chain & PoS transition speculation and improvement of supply and demand (Ethereum 2.0 ETH deposit continues to grow significantly)
  • Major update “London” scheduled for July
  • Expansion of DeFi demand: Scheduled launch of “Uniswap V3”, the largest decentralized exchange based on ETH
  • Rapid expansion of NFT market scale: ETH platform (ERC721 standard)
  • Institutional institutional inflows accelerate (CME ETH futures, Canadian stock exchange ETH ETFs, etc.)
  • European Investment Bank issues digital bonds utilizing ETH blockchain

Details:Ethereum hits record highs, 4 reasons for soaring factors

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Author: Lewis Kikutani

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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