Coinbase Pro shifts serious amounts of BTC
Ki highlighted figures from Coinbase Pro, the professional trading offshoot of United States exchange Coinbase, which confirm that large tranches of BTC continue to leave its books.
Those tranches totalled 30,000 BTC in a single day this week, and the event is not an isolated one, with March seeing similar behavior.
“30k BTC flowed out from Coinbase today,” he noted,
“Institutional buys might be the big narrative again because the Executive Order did not create any hurdle.”
The reduction in supply contrasts with a troubling macro picture which continues to pressure risk assets including crypto.
Bitcoin’s correlation to equities, themselves at the mercy of central bank policy, needs to break in order for conditions to improve, but analysts say that the process will be anything but smooth when it happens.
My guess: Eventually credit system breaks and volatility explodes. BTC follows but more because of deriv traders and not spot selling. BTC bears conditioned to fade every rally get rekt as spot supply continues to constrain.”
Terra keeps up the buying pressure
Meanwhile, the major buyer story of the year, that of Blockchain protocol Terra, continues. The Luna Foundation Guard (LFG), the nonprofit organization attached to Terra, has added around 2,633 BTC ($105.3 million) to its reserves over the past 48 hours.
The Luna Foundation Guard (LFG), the nonprofit organization attached to Terra, has added around 2,633 BTC ($105.3 million) to its reserves over the past 48 hours.
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- ^ BTC (cointelegraph.com)
- ^ once more (twitter.com)
- ^ investigate (cointelegraph.com)
- ^ reported (cointelegraph.com)
- ^ correlation to equities (cointelegraph.com)
- ^ explained (twitter.com)
- ^ Bitcoin price levels to watch as Terra buys 2.5K BTC to nearly match Tesla (cointelegraph.com)
- ^ BitInfoCharts (bitinfocharts.com)