During the increase in the Bitcoin (BTC) price, a large amount of withdrawals were made from the Coinbase exchange.
On-chain data monitoring source Glassnode reported that 12,354 BTC (approximately $ 694 million) was withdrawn from the Coinbase order book on May 7. noted.
BTC shortage seen on Coinbase
Coinbase, the largest exchange in the United States, has been the site of frequent major Bitcoin purchases this year.
As Cointelegraph reports, amounts in excess of 10,000 BTC transferred to external personal wallets are not unheard of, but they still point to a desire to keep Bitcoin at least in the long term rather than in an easily sold place.
According to analyst Lex Moskovski, the uncertainty of the type of investor behind such transactions remains uncertain. It can be a single person or a small group, as well as a corporate investor or a corporate client.
Glassnode commented on his data, “Regardless of the institution or not, this is still an important exit.”
“Healthy bull market”
Apart from the shared data, the indicators on the chain are also rising strongly. This week, Glassnode co-founder Rafael Schultze-Kraft posted an increase in Bitcoin’s realized market value (Rcap), which indicates a similarly broad buy sign. drew attention.
Realized market cap is a measure of Bitcoin’s market cap based on the last price each coin moved. It provides a useful insight into the overall structure of the market and the sentiment of traders. It produces a total that is significantly different from traditional market value.
Schultze-Kraft throws on Friday tweet“Unprecedented money inflow to Bitcoin has been detected based on the actual market value data,” he said.
“In the past six months, the noteworthy ceiling was $ 250 billion in inflows, an increase of nearly 200 percent. A healthy bull market.”
He added that Bitcoin, as measured in December 2020, has increased by the same amount as its traditional market cap.
Realized market value relative to traditional market value can also increase significantly before marking the top of the bull market. Measuring the ratio of the two data, the MVRV was measured at 7.6 in February and 4.4 this week, while gaining over 10 data at the peaks of the past market cycle.
“We haven’t seen a real trend from institutions yet. They’re coming …”, Timothy Kim said in response to Glassnode data.